Besides size of per capita income , what other property of income is important in comparing two or more societies?
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Per capital income is not the only parameter for development.
It is the median income that truly represents the living standard of the people. Equitable distribution of income suggests that the wealth is not concentrated only in few hands.
Higher per capita income with even distribution ensures that majority of people in a country are well off.
It is the median income that truly represents the living standard of the people. Equitable distribution of income suggests that the wealth is not concentrated only in few hands.
Higher per capita income with even distribution ensures that majority of people in a country are well off.
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Purchasing power parity is another important property of income while comparing two or more societies. Purchasing power parity show the ability of people to purchases some items which are taken for comparison.
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