IDEAS home Printed from https://ideas.repec.org/p/ipc/pbrief/7.html
   My bibliography  Save this paper

The Vast Majority Income (VMI): A New Measure of Global Inequality

Author

Listed:
  • Anwar Shaikh

    (IPC-IG)

  • Amr Ragab

    (IPC-IG)

Abstract

GDP per capita and the Human Development Index are acknowledged measures of development, but suffer from that fact that they are averages that conceal wide disparities in the overall population. As a result, it becomes necessary to either supplement these measures with information on distributional inequality or to directly adjust per capita income and other variables for distributional variations. What is needed, therefore, is a direct measure of the standard of living of the vast majority. In the paper on which this policy note is based, we develop a new measure called the Vast Majority Income (VMI).
(This abstract was borrowed from another version of this item.)

Suggested Citation

  • Anwar Shaikh & Amr Ragab, 2008. "The Vast Majority Income (VMI): A New Measure of Global Inequality," Policy Research Brief 7, International Policy Centre for Inclusive Growth.
    • Handle: RePEc:ipc:pbrief:7
    as

    Download full text from publisher

    File URL: https://ipcig.org/sites/default/files/pub/en/IPCPolicyResearchBrief7.pdf
    File Function: First version, 2008
    Download Restriction: no
    ---><---

    Other versions of this item:

    References listed on IDEAS

    as
    1. Amartya Sen, 1976. "Real National Income," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 43(1), pages 19-39.
    2. Sreenivasan Subramanian, 2004. "Indicators of Inequality and Poverty," WIDER Working Paper Series RP2004-25, World Institute for Development Economic Research (UNU-WIDER).
    3. Anwar Shaikh, Amr Ragab, 2007. "WP 2007-3 An International Comparison of the Incomes of the Vast Majority," SCEPA working paper series. 2007-3, Schwartz Center for Economic Policy Analysis (SCEPA), The New School.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Brian Nolan, 2020. "The Median Versus Inequality-Adjusted GNI as Core Indicator of ‘Ordinary’ Household Living Standards in Rich Countries," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 150(2), pages 569-585, July.
    2. Peter J. Lambert & Subbu Subramanian, 2015. "Shaikh and Ragab's `Incomes of the Vast Majority': Some additions and extensions," Working Papers 354, ECINEQ, Society for the Study of Economic Inequality.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Anwar Shaikh & Amr Ragab, 2009. "Ingresos de la Gran Mayoría (IGM): Una Nueva Medida de la Desigualdad Mundial," Policy Research Brief 7, International Policy Centre for Inclusive Growth.
    2. Anwar Shaikh & Amr Ragab, 2023. "Some universal patterns in income distribution: An econophysics approach," Metroeconomica, Wiley Blackwell, vol. 74(1), pages 248-264, February.
    3. Peter J. Lambert & Subbu Subramanian, 2015. "Shaikh and Ragab's `Incomes of the Vast Majority': Some additions and extensions," Working Papers 354, ECINEQ, Society for the Study of Economic Inequality.
    4. Anwar Shaikh, 2018. "Some Universal Patterns in Income Distribution: An Econophysics Approach," Working Papers 1808, New School for Social Research, Department of Economics.
    5. Oded Stark & Wiktor Budzinski, 2021. "A social‐psychological reconstruction of Amartya Sen’s measures of inequality and social welfare," Kyklos, Wiley Blackwell, vol. 74(4), pages 552-566, November.
    6. Jo Thori Lind & Karl Moene, 2011. "Miserly Developments," Journal of Development Studies, Taylor & Francis Journals, vol. 47(9), pages 1332-1352, June.
    7. Zengzeng Fan & Wei Zou, 2023. "A Three-Component Decomposition of the Change in Relative Poverty: An Application to China," Land, MDPI, vol. 12(1), pages 1-15, January.
    8. Vani K. Borooah & Paddy Hillyard & Mike Tomlinson, 2006. "Equity‐Sensitive Indicators Of Living Standards With An Application To Northern Ireland," Scottish Journal of Political Economy, Scottish Economic Society, vol. 53(5), pages 616-635, November.
    9. Fotis Papadopoulos & Panos Tsakloglou, 2015. "Chronic material deprivation and long-term poverty in Europe in the pre-crisis period," ImPRovE Working Papers 15/16, Herman Deleeck Centre for Social Policy, University of Antwerp.
    10. Juan Antonio Duro Moreno, 2001. "Cross-country inequalities in aggregate welfare: some evidence," Applied Economics Letters, Taylor & Francis Journals, vol. 8(6), pages 403-406.
    11. Schepelmann, Philipp & Goossens, Yanne & Makipaa, Arttu (ed.), 2009. "Towards sustainable development: Alternatives to GDP for measuring progress," Wuppertal Spezial, Wuppertal Institute for Climate, Environment and Energy, volume 42, number 42.
    12. R駩s Chenavaz & Octavio Escobar, 2015. "Population distribution, effective area and economic growth," Applied Economics, Taylor & Francis Journals, vol. 47(53), pages 5776-5790, November.
    13. Basu, Kaushik, 2006. "Globalization, poverty, and inequality: What is the relationship? What can be done?," World Development, Elsevier, vol. 34(8), pages 1361-1373, August.
    14. Morten Nyborg Støstad & Frank Cowell, 2021. "Inequality as an Externality: Consequences for Tax Design," PSE Working Papers halshs-03495989, HAL.
    15. Antonio Villar Notario, 2001. "Multidimensional Inequality And Social Welfare," Working Papers. Serie AD 2001-30, Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie).
    16. D'elia Vanesa Valeria & Karczmarczyk Matilde, 2023. "Happiness vs. welfare functions: an analysis for the elderly in Argentina," Asociación Argentina de Economía Política: Working Papers 4644, Asociación Argentina de Economía Política.
    17. Dias, Thiago & Gonçalves, Sebastián, 2024. "Effectiveness of wealth-based vs exchange-based tax systems in reducing inequality," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 641(C).
    18. Amartya K. Sen, 1997. "From Income Inequality to Economic Inequality," Southern Economic Journal, John Wiley & Sons, vol. 64(2), pages 384-401, October.
    19. Amita Majumder & Ranjan Ray & Kompal Sinha, 2015. "Estimating Purchasing Power Parities from Household Expenditure Data Using Complete Demand Systems with Application to Living Standards Comparison: India and Vietnam," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 61(2), pages 302-328, June.
    20. Céline Carrère & Anja Grujovic & Frédéric Robert-Nicoud, 2020. "Trade and Frictional Unemployment in the Global Economy," Journal of the European Economic Association, European Economic Association, vol. 18(6), pages 2869-2921.

    More about this item

    Keywords

    Vast Majority Income; VMI; Global Inequality;
    All these keywords.

    JEL classification:

    • E21 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Consumption; Saving; Wealth
    • H2 - Public Economics - - Taxation, Subsidies, and Revenue
    • H30 - Public Economics - - Fiscal Policies and Behavior of Economic Agents - - - General
    • D63 - Microeconomics - - Welfare Economics - - - Equity, Justice, Inequality, and Other Normative Criteria and Measurement

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:ipc:pbrief:7. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Andre Lyra (email available below). General contact details of provider: https://edirc.repec.org/data/ipcunbr.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.