SOC 103 Lecture Notes - Lecture 3: Frank Stronach, Lorenz Curve, Gini Coefficient
Document Summary
Income and wealth inequality in canada and the world. We can take measurements of people"s income and or wealth via a survey to determine how much variance exists. Societies are considered more equal, when income and wealth are more similar while opposite indicates a more unequal society. Simple way of accessing inequality: compare individuals to the average income: this only provides a range below or above the average, divide up the population into groups: high to low incomes. We can compare what each group should get if society is an equal society compare to what they did get. Overtime, the income distribution has changed a little. Overtime, the bottom quintile has remained relatively unchanged. This means the poor didn"t get poorer or richer. The rich on the other hand did get richer. Therefore, the rich received the biggest share of the growth income. Rich people work fewer hours while all the other groups worked more.
