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the<00:00:08.900><c> essence</c><00:00:09.230><c> of</c><00:00:09.350><c> a</c><00:00:09.440><c> market</c><00:00:09.889><c> system</c><00:00:10.070><c> as</c><00:00:10.400><c> we've</c>

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the essence of a market system as we've
 

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the essence of a market system as we've
seen<00:00:10.760><c> before</c><00:00:10.910><c> is</c><00:00:11.360><c> that</c><00:00:11.660><c> people</c><00:00:11.990><c> receive</c><00:00:12.379><c> an</c>

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seen before is that people receive an
 

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seen before is that people receive an
income<00:00:12.980><c> which</c><00:00:13.280><c> reflects</c><00:00:13.760><c> the</c><00:00:14.119><c> value</c><00:00:14.480><c> of</c><00:00:14.600><c> the</c>

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income which reflects the value of the
 

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income which reflects the value of the
output<00:00:14.750><c> they</c><00:00:15.350><c> produce</c>

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the<00:00:20.100><c> free</c><00:00:20.280><c> market</c><00:00:20.700><c> is</c><00:00:20.820><c> best</c><00:00:21.150><c> exemplified</c><00:00:21.300><c> here</c>

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the free market is best exemplified here
 

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the free market is best exemplified here
in<00:00:22.230><c> the</c><00:00:22.320><c> United</c><00:00:22.740><c> States</c><00:00:22.770><c> where</c><00:00:23.370><c> incomes</c><00:00:23.910><c> vary</c>

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in the United States where incomes vary
 

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in the United States where incomes vary
greatly<00:00:24.540><c> and</c><00:00:25.380><c> there</c><00:00:25.980><c> are</c><00:00:26.100><c> unregulated</c><00:00:26.790><c> labor</c>

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greatly and there are unregulated labor
 

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greatly and there are unregulated labor
markets<00:00:28.279><c> we're</c><00:00:29.279><c> out</c><00:00:29.880><c> here</c><00:00:30.150><c> today</c><00:00:30.390><c> looking</c><00:00:30.810><c> for</c>

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markets we're out here today looking for
 

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markets we're out here today looking for
work<00:00:31.170><c> waiting</c><00:00:31.470><c> for</c><00:00:31.740><c> work</c><00:00:31.920><c> waiting</c><00:00:32.580><c> for</c>

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work waiting for work waiting for
 

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work waiting for work waiting for
employers<00:00:33.210><c> to</c><00:00:33.239><c> in</c><00:00:33.660><c> contractors</c><00:00:34.320><c> in</c><00:00:34.950><c> the</c>

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employers to in contractors in the
 

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employers to in contractors in the
construction<00:00:36.180><c> industry</c><00:00:36.300><c> to</c><00:00:36.629><c> come</c><00:00:36.870><c> by</c><00:00:37.050><c> and</c>

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construction industry to come by and
 

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construction industry to come by and
pick<00:00:37.980><c> us</c><00:00:38.129><c> up</c><00:00:38.280><c> for</c><00:00:38.550><c> labor</c><00:00:38.989><c> this</c><00:00:39.989><c> is</c><00:00:40.140><c> a</c><00:00:40.170><c> street</c>

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pick us up for labor this is a street
 

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pick us up for labor this is a street
market<00:00:41.010><c> in</c><00:00:41.100><c> Denver</c><00:00:41.550><c> where</c><00:00:42.090><c> unemployed</c><00:00:42.660><c> people</c>

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market in Denver where unemployed people
 

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market in Denver where unemployed people
and<00:00:43.290><c> employers</c><00:00:44.280><c> meet</c><00:00:44.970><c> to</c><00:00:45.180><c> negotiate</c><00:00:45.780><c> a</c><00:00:45.809><c> price</c>

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and employers meet to negotiate a price
 

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and employers meet to negotiate a price
for<00:00:46.530><c> labor</c><00:00:46.739><c> by</c><00:00:47.040><c> the</c><00:00:47.100><c> hour</c><00:00:47.340><c> so</c><00:00:47.930><c> this</c><00:00:48.930><c> they're</c>

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for labor by the hour so this they're
 

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for labor by the hour so this they're
all<00:00:50.010><c> going</c><00:00:50.280><c> up</c><00:00:50.400><c> to</c><00:00:50.519><c> this</c><00:00:50.640><c> point</c><00:00:50.910><c> because</c><00:00:51.120><c> he's</c>

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all going up to this point because he's
 

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all going up to this point because he's
um<00:00:51.690><c> he's</c><00:00:52.130><c> an</c><00:00:53.130><c> employer</c><00:00:53.550><c> so</c><00:00:54.510><c> they</c><00:00:54.660><c> got</c><00:00:55.230><c> a</c><00:00:55.260><c> chance</c>

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um he's an employer so they got a chance
 

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um he's an employer so they got a chance
to<00:00:55.620><c> get</c><00:00:55.800><c> a</c><00:00:55.829><c> job</c><00:00:56.100><c> from</c><00:00:56.280><c> him</c><00:00:56.460><c> yes</c><00:00:57.059><c> correct</c>

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to get a job from him yes correct
 

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to get a job from him yes correct
he's<00:00:58.290><c> an</c><00:00:58.469><c> employer</c><00:00:59.000><c> looks</c><00:01:00.000><c> like</c><00:01:00.180><c> he's</c>

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he's an employer looks like he's
 

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he's an employer looks like he's
probably<00:01:00.809><c> in</c><00:01:01.050><c> the</c><00:01:01.170><c> landscaping</c><00:01:01.829><c> business</c><00:01:02.280><c> and</c>

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probably in the landscaping business and
 

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probably in the landscaping business and
so<00:01:03.570><c> he'll</c><00:01:03.780><c> get</c><00:01:03.930><c> maybe</c><00:01:04.229><c> three</c><00:01:04.589><c> or</c><00:01:04.619><c> four</c><00:01:04.920><c> guys</c>

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so he'll get maybe three or four guys
 

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so he'll get maybe three or four guys
this<00:01:05.640><c> morning</c><00:01:05.990><c> every</c><00:01:06.990><c> day</c><00:01:07.140><c> there's</c><00:01:07.380><c> about</c><00:01:07.649><c> 75</c>

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this morning every day there's about 75
 

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this morning every day there's about 75
of<00:01:08.490><c> us</c><00:01:08.640><c> come</c><00:01:08.940><c> to</c><00:01:09.030><c> the</c><00:01:09.149><c> corner</c><00:01:09.390><c> here</c><00:01:09.509><c> what</c><00:01:10.320><c> kind</c>

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of us come to the corner here what kind
 

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of us come to the corner here what kind
of<00:01:10.890><c> wages</c><00:01:11.759><c> would</c><00:01:12.180><c> you</c><00:01:12.330><c> expect</c><00:01:12.660><c> again</c><00:01:13.340><c> the</c>

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of wages would you expect again the
 

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of wages would you expect again the
wages<00:01:14.670><c> here</c><00:01:14.940><c> go</c><00:01:15.930><c> anywhere</c><00:01:16.140><c> from</c><00:01:16.590><c> minimum</c><00:01:16.890><c> wage</c>

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wages here go anywhere from minimum wage
 

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wages here go anywhere from minimum wage
up<00:01:17.520><c> to</c><00:01:17.930><c> $15</c><00:01:18.930><c> an</c><00:01:18.960><c> hour</c><00:01:19.310><c> and</c><00:01:20.310><c> the</c><00:01:20.759><c> minimum</c><00:01:21.090><c> wage</c>

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up to $15 an hour and the minimum wage
 

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up to $15 an hour and the minimum wage
the<00:01:22.050><c> minimum</c><00:01:22.410><c> wage</c><00:01:22.590><c> would</c><00:01:22.950><c> be</c><00:01:23.130><c> probably</c><00:01:23.520><c> about</c>

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the minimum wage would be probably about
 

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the minimum wage would be probably about
525<00:01:25.259><c> but</c><00:01:25.619><c> most</c><00:01:26.039><c> people</c><00:01:26.340><c> pay</c><00:01:26.910><c> 8</c><00:01:27.660><c> and</c><00:01:27.959><c> above</c><00:01:28.050><c> on</c>

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525 but most people pay 8 and above on
 

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525 but most people pay 8 and above on
an<00:01:29.009><c> average</c><00:01:29.130><c> day</c><00:01:29.429><c> how</c><00:01:30.209><c> many</c><00:01:30.270><c> of</c><00:01:30.600><c> those</c><00:01:30.750><c> 75</c><00:01:31.619><c> of</c>

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an average day how many of those 75 of
 

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an average day how many of those 75 of
you<00:01:32.220><c> are</c><00:01:32.399><c> actually</c><00:01:32.490><c> gonna</c><00:01:32.700><c> find</c><00:01:33.030><c> work</c><00:01:33.300><c> I</c><00:01:33.600><c> would</c>

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you are actually gonna find work I would
 

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you are actually gonna find work I would
say<00:01:34.440><c> probably</c><00:01:34.740><c> about</c><00:01:35.179><c> at</c><00:01:36.179><c> least</c><00:01:36.420><c> 25%</c><00:01:37.050><c> of</c><00:01:37.440><c> us</c><00:01:39.110><c> in</c>

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say probably about at least 25% of us in
 

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say probably about at least 25% of us in
a<00:01:40.229><c> free</c><00:01:40.440><c> market</c><00:01:40.979><c> the</c><00:01:41.429><c> price</c><00:01:41.700><c> of</c><00:01:41.880><c> that</c><00:01:42.030><c> labor</c>

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a free market the price of that labor
 

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a free market the price of that labor
reflects<00:01:43.289><c> productivity</c><00:01:44.270><c> so</c><00:01:45.270><c> in</c><00:01:45.390><c> a</c><00:01:45.450><c> market</c>

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reflects productivity so in a market
 

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reflects productivity so in a market
system<00:01:45.810><c> if</c><00:01:46.470><c> you're</c><00:01:47.009><c> unskilled</c><00:01:47.640><c> or</c><00:01:48.119><c> unwell</c><00:01:48.509><c> you</c>

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system if you're unskilled or unwell you
 

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system if you're unskilled or unwell you
produce<00:01:49.920><c> little</c><00:01:50.160><c> if</c><00:01:50.729><c> you're</c><00:01:51.000><c> unable</c><00:01:51.149><c> to</c><00:01:51.300><c> work</c>

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produce little if you're unable to work
 

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produce little if you're unable to work
you<00:01:52.560><c> produce</c><00:01:52.950><c> almost</c><00:01:53.160><c> nothing</c><00:01:53.729><c> so</c><00:01:53.910><c> how</c><00:01:54.899><c> much</c>

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you produce almost nothing so how much
 

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you produce almost nothing so how much
income<00:01:55.440><c> do</c><00:01:55.590><c> you</c><00:01:55.679><c> receive</c><00:01:55.979><c> almost</c><00:01:56.849><c> nothing</c><00:01:57.300><c> but</c>

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income do you receive almost nothing but
 

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income do you receive almost nothing but
if<00:01:58.319><c> you're</c><00:01:58.440><c> able</c><00:01:58.590><c> to</c><00:01:58.800><c> work</c><00:01:59.039><c> you're</c><00:01:59.729><c> clever</c>

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if you're able to work you're clever
 

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if you're able to work you're clever
motivated<00:02:01.709><c> and</c><00:02:02.149><c> intelligent</c><00:02:03.149><c> and</c><00:02:03.929><c> clearly</c>

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motivated and intelligent and clearly
 

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motivated and intelligent and clearly
you'll<00:02:04.890><c> be</c><00:02:05.069><c> able</c><00:02:05.190><c> to</c><00:02:05.429><c> produce</c><00:02:05.580><c> a</c><00:02:05.880><c> very</c><00:02:06.060><c> high</c>

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you'll be able to produce a very high
 

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you'll be able to produce a very high
amount<00:02:06.690><c> of</c><00:02:06.810><c> output</c><00:02:07.020><c> you're</c><00:02:07.979><c> likely</c><00:02:08.190><c> to</c><00:02:08.429><c> earn</c><00:02:08.550><c> a</c>

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amount of output you're likely to earn a
 

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amount of output you're likely to earn a
very<00:02:08.880><c> high</c><00:02:09.060><c> income</c><00:02:09.270><c> to</c><00:02:09.869><c> enable</c><00:02:10.200><c> you</c><00:02:10.410><c> to</c><00:02:10.440><c> afford</c>

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very high income to enable you to afford
 

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very high income to enable you to afford
lovely<00:02:11.220><c> cars</c><00:02:11.459><c> like</c><00:02:11.730><c> this</c><00:02:12.590><c> it's</c><00:02:13.590><c> inevitable</c>

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lovely cars like this it's inevitable
 

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lovely cars like this it's inevitable
that<00:02:14.940><c> in</c><00:02:15.060><c> a</c><00:02:15.150><c> market</c><00:02:15.630><c> system</c><00:02:15.660><c> the</c><00:02:16.530><c> distribution</c>

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that in a market system the distribution
 

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that in a market system the distribution
of<00:02:17.400><c> income</c><00:02:17.569><c> will</c><00:02:18.569><c> be</c><00:02:18.599><c> rather</c><00:02:18.900><c> uneven</c>

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of income will be rather uneven
 

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of income will be rather uneven
the<00:02:21.600><c> first</c><00:02:21.810><c> thing</c><00:02:21.990><c> we</c><00:02:22.080><c> need</c><00:02:22.260><c> to</c><00:02:22.350><c> do</c><00:02:22.500><c> is</c><00:02:23.370><c> to</c><00:02:23.610><c> take</c>

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the first thing we need to do is to take
 

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the first thing we need to do is to take
an<00:02:24.030><c> objective</c><00:02:24.150><c> look</c><00:02:24.840><c> at</c><00:02:25.020><c> what</c><00:02:25.200><c> we</c><00:02:25.410><c> mean</c><00:02:25.709><c> by</c><00:02:25.770><c> the</c>

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an objective look at what we mean by the
 

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an objective look at what we mean by the
distribution<00:02:26.850><c> of</c><00:02:26.970><c> income</c><00:02:27.120><c> so</c><00:02:27.959><c> that</c><00:02:27.990><c> we</c><00:02:28.260><c> can</c>

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distribution of income so that we can
 

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distribution of income so that we can
see<00:02:28.650><c> how</c><00:02:28.890><c> income</c><00:02:29.370><c> is</c><00:02:29.580><c> distributed</c><00:02:30.240><c> in</c><00:02:30.360><c> a</c>

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see how income is distributed in a
 

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see how income is distributed in a
market<00:02:30.870><c> system</c><00:02:32.000><c> sometimes</c><00:02:33.000><c> we</c><00:02:33.330><c> mean</c><00:02:33.569><c> the</c>

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market system sometimes we mean the
 

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market system sometimes we mean the
functional<00:02:34.800><c> distribution</c><00:02:35.580><c> of</c><00:02:35.700><c> income</c><00:02:36.030><c> which</c>

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functional distribution of income which
 

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functional distribution of income which
means<00:02:36.560><c> who</c><00:02:37.560><c> earns</c><00:02:37.980><c> the</c><00:02:38.370><c> income</c><00:02:38.910><c> that's</c>

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means who earns the income that's
 

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means who earns the income that's
produced<00:02:39.920><c> so</c><00:02:40.920><c> typically</c><00:02:41.370><c> in</c><00:02:41.520><c> a</c><00:02:41.610><c> market</c>

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produced so typically in a market
 

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produced so typically in a market
economy<00:02:42.350><c> sixty</c><00:02:43.350><c> to</c><00:02:43.470><c> seventy</c><00:02:43.860><c> percent</c><00:02:43.890><c> of</c>

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economy sixty to seventy percent of
 

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economy sixty to seventy percent of
income<00:02:44.850><c> is</c><00:02:45.060><c> earned</c><00:02:45.180><c> by</c><00:02:45.360><c> labor</c><00:02:45.750><c> people</c><00:02:46.260><c> working</c>

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income is earned by labor people working
 

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income is earned by labor people working
for<00:02:47.220><c> it</c><00:02:47.310><c> wages</c><00:02:48.000><c> and</c><00:02:48.180><c> salaries</c><00:02:48.660><c> and</c><00:02:48.870><c> so</c><00:02:49.050><c> on</c><00:02:49.730><c> some</c>

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for it wages and salaries and so on some
 

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for it wages and salaries and so on some
smaller<00:02:51.090><c> part</c><00:02:51.450><c> of</c><00:02:51.600><c> it</c><00:02:51.750><c> goes</c><00:02:51.780><c> to</c><00:02:52.080><c> capital</c>

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smaller part of it goes to capital
 

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smaller part of it goes to capital
people<00:02:53.760><c> have</c><00:02:54.060><c> shares</c><00:02:54.480><c> and</c><00:02:54.900><c> earn</c><00:02:55.080><c> income</c><00:02:55.470><c> in</c>

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people have shares and earn income in
 

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people have shares and earn income in
the<00:02:56.250><c> form</c><00:02:56.430><c> of</c><00:02:56.640><c> interest</c><00:02:57.090><c> and</c><00:02:57.330><c> dividend</c>

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the form of interest and dividend
 

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the form of interest and dividend
payments<00:02:58.370><c> some</c><00:02:59.370><c> of</c><00:02:59.489><c> it</c><00:02:59.610><c> goes</c><00:02:59.820><c> to</c><00:02:59.850><c> landowners</c>

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payments some of it goes to landowners
 

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payments some of it goes to landowners
in<00:03:00.930><c> the</c><00:03:00.959><c> form</c><00:03:01.260><c> of</c><00:03:01.380><c> rent</c><00:03:02.450><c> but</c><00:03:03.450><c> there's</c><00:03:03.660><c> another</c>

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in the form of rent but there's another
 

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in the form of rent but there's another
question<00:03:04.320><c> that</c><00:03:04.590><c> is</c><00:03:04.769><c> perhaps</c><00:03:05.160><c> even</c><00:03:05.370><c> more</c>

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question that is perhaps even more
 

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question that is perhaps even more
interesting<00:03:05.970><c> and</c><00:03:06.660><c> that</c><00:03:06.720><c> is</c><00:03:06.870><c> what</c><00:03:07.709><c> is</c><00:03:07.860><c> the</c><00:03:08.069><c> size</c>

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interesting and that is what is the size
 

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interesting and that is what is the size
distribution<00:03:09.569><c> of</c><00:03:10.200><c> income</c>

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distribution of income
 

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distribution of income
we<00:03:13.130><c> can</c><00:03:13.310><c> get</c><00:03:13.430><c> a</c><00:03:13.460><c> more</c><00:03:13.760><c> accurate</c><00:03:13.790><c> picture</c><00:03:14.210><c> of</c>

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we can get a more accurate picture of
 

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we can get a more accurate picture of
how<00:03:14.930><c> income</c><00:03:15.380><c> is</c><00:03:15.530><c> distributed</c><00:03:15.730><c> by</c><00:03:16.730><c> the</c><00:03:16.760><c> use</c><00:03:17.000><c> of</c>

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how income is distributed by the use of
 

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how income is distributed by the use of
a<00:03:17.330><c> Lorentz</c><00:03:17.570><c> curve</c><00:03:18.340><c> imagine</c><00:03:19.340><c> a</c><00:03:19.460><c> society</c><00:03:19.610><c> where</c>

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a Lorentz curve imagine a society where
 

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a Lorentz curve imagine a society where
everyone<00:03:20.600><c> has</c><00:03:20.930><c> the</c><00:03:21.140><c> same</c><00:03:21.170><c> income</c><00:03:22.150><c> of</c><00:03:23.150><c> the</c>

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everyone has the same income of the
 

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everyone has the same income of the
vertical<00:03:23.690><c> axis</c><00:03:24.170><c> we</c><00:03:24.710><c> have</c><00:03:24.860><c> the</c><00:03:24.980><c> percentage</c><00:03:25.520><c> of</c>

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vertical axis we have the percentage of
 

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vertical axis we have the percentage of
the<00:03:25.790><c> income</c><00:03:25.970><c> of</c><00:03:26.480><c> the</c><00:03:26.750><c> society</c><00:03:27.380><c> from</c><00:03:28.010><c> zero</c><00:03:28.400><c> to</c><00:03:28.550><c> a</c>

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the income of the society from zero to a
 

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the income of the society from zero to a
hundred<00:03:28.880><c> percent</c><00:03:30.040><c> along</c><00:03:31.040><c> the</c><00:03:31.160><c> horizontal</c>

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hundred percent along the horizontal
 

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hundred percent along the horizontal
axis<00:03:31.880><c> we</c><00:03:32.660><c> have</c><00:03:32.840><c> everyone</c><00:03:33.290><c> in</c><00:03:33.440><c> the</c><00:03:33.560><c> population</c>

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axis we have everyone in the population
 

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axis we have everyone in the population
again<00:03:35.270><c> from</c><00:03:35.630><c> zero</c><00:03:35.959><c> to</c><00:03:36.110><c> a</c><00:03:36.320><c> hundred</c><00:03:36.380><c> percent</c><00:03:37.100><c> but</c>

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again from zero to a hundred percent but
 

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again from zero to a hundred percent but
cumulated<00:03:38.840><c> from</c><00:03:39.110><c> the</c><00:03:39.200><c> poorest</c><00:03:40.180><c> so</c><00:03:41.180><c> the</c>

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cumulated from the poorest so the
 

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cumulated from the poorest so the
poorest<00:03:42.350><c> 20%</c><00:03:42.880><c> have</c><00:03:43.880><c> given</c><00:03:44.630><c> that</c><00:03:44.750><c> all</c><00:03:44.989><c> have</c><00:03:45.410><c> the</c>

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poorest 20% have given that all have the
 

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poorest 20% have given that all have the
same<00:03:45.770><c> income</c><00:03:46.600><c> 20%</c><00:03:47.600><c> of</c><00:03:47.690><c> the</c><00:03:47.780><c> income</c><00:03:48.250><c> the</c>

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same income 20% of the income the
 

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same income 20% of the income the
poorest<00:03:49.700><c> 50%</c><00:03:50.360><c> have</c><00:03:50.540><c> 50%</c><00:03:50.900><c> of</c><00:03:51.290><c> the</c><00:03:51.410><c> income</c><00:03:51.560><c> and</c>

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poorest 50% have 50% of the income and
 

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poorest 50% have 50% of the income and
so<00:03:52.100><c> on</c><00:03:52.420><c> so</c><00:03:53.420><c> we</c><00:03:53.450><c> can</c><00:03:53.750><c> represent</c><00:03:54.080><c> this</c>

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so on so we can represent this
 

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so on so we can represent this
distribution<00:03:55.070><c> by</c><00:03:56.060><c> drawing</c><00:03:56.420><c> a</c><00:03:56.750><c> line</c><00:03:57.170><c> of</c>

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distribution by drawing a line of
 

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distribution by drawing a line of
equality

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much<00:04:01.600><c> more</c><00:04:01.810><c> typically</c><00:04:02.380><c> we</c><00:04:02.590><c> have</c><00:04:02.620><c> an</c><00:04:02.890><c> uneven</c>

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much more typically we have an uneven
 

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much more typically we have an uneven
distribution<00:04:03.840><c> so</c><00:04:04.840><c> the</c><00:04:04.990><c> poorest</c><00:04:05.350><c> 20%</c><00:04:05.740><c> might</c>

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distribution so the poorest 20% might
 

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distribution so the poorest 20% might
have<00:04:06.580><c> only</c><00:04:06.760><c> say</c><00:04:07.570><c> five</c><00:04:07.930><c> percent</c><00:04:08.170><c> of</c><00:04:08.470><c> the</c><00:04:08.560><c> income</c>

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have only say five percent of the income
 

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have only say five percent of the income
and<00:04:09.180><c> the</c><00:04:10.180><c> poorest</c><00:04:10.690><c> 50</c><00:04:11.080><c> percent</c><00:04:11.470><c> might</c><00:04:11.740><c> have</c>

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and the poorest 50 percent might have
 

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and the poorest 50 percent might have
only<00:04:12.180><c> 25</c><00:04:13.180><c> percent</c><00:04:13.390><c> of</c><00:04:13.690><c> the</c><00:04:13.810><c> income</c><00:04:15.000><c> you</c><00:04:16.000><c> can</c>

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only 25 percent of the income you can
 

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only 25 percent of the income you can
see<00:04:16.420><c> that</c><00:04:16.600><c> the</c><00:04:16.690><c> further</c><00:04:16.959><c> from</c><00:04:17.320><c> the</c><00:04:17.440><c> line</c><00:04:17.680><c> of</c>

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see that the further from the line of
 

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see that the further from the line of
equality<00:04:18.280><c> the</c><00:04:18.730><c> lorentz</c><00:04:19.180><c> curve</c><00:04:19.510><c> the</c><00:04:20.260><c> more</c>

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equality the lorentz curve the more
 

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equality the lorentz curve the more
uneven<00:04:21.100><c> is</c><00:04:21.519><c> the</c><00:04:21.790><c> distribution</c><00:04:22.120><c> of</c><00:04:22.540><c> income</c>

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uneven is the distribution of income
 

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uneven is the distribution of income
indeed<00:04:24.960><c> we</c><00:04:25.169><c> can</c><00:04:25.319><c> measure</c><00:04:25.650><c> the</c><00:04:25.979><c> shaded</c><00:04:26.580><c> area</c><00:04:26.939><c> as</c>

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indeed we can measure the shaded area as
 

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indeed we can measure the shaded area as
a<00:04:27.650><c> proportion</c><00:04:28.650><c> of</c><00:04:28.740><c> the</c><00:04:28.889><c> triangle</c><00:04:29.580><c> ABC</c><00:04:31.220><c> to</c><00:04:32.220><c> give</c>

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a proportion of the triangle ABC to give
 

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a proportion of the triangle ABC to give
us<00:04:32.490><c> a</c><00:04:32.610><c> measure</c><00:04:32.969><c> of</c><00:04:33.120><c> inequality</c><00:04:33.930><c> that</c><00:04:34.139><c> will</c><00:04:34.800><c> be</c>

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us a measure of inequality that will be
 

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us a measure of inequality that will be
between<00:04:35.250><c> zero</c><00:04:36.150><c> everyone</c><00:04:37.110><c> has</c><00:04:37.289><c> the</c><00:04:37.439><c> same</c>

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between zero everyone has the same
 

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between zero everyone has the same
income<00:04:38.039><c> and</c><00:04:38.449><c> a</c><00:04:39.449><c> hundred</c><00:04:40.409><c> percent</c><00:04:40.530><c> you</c><00:04:41.009><c> might</c>

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income and a hundred percent you might
 

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income and a hundred percent you might
think<00:04:41.879><c> of</c><00:04:41.969><c> having</c><00:04:42.330><c> one</c><00:04:43.289><c> person</c><00:04:43.740><c> with</c><00:04:44.280><c> all</c><00:04:44.610><c> the</c>

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think of having one person with all the
 

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think of having one person with all the
income<00:04:45.330><c> and</c><00:04:45.569><c> the</c><00:04:45.960><c> rest</c><00:04:46.229><c> of</c><00:04:46.319><c> the</c><00:04:46.439><c> population</c><00:04:46.650><c> of</c>

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income and the rest of the population of
 

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income and the rest of the population of
millions<00:04:47.580><c> having</c><00:04:47.909><c> nothing</c>

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millions having nothing
 

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millions having nothing
now<00:04:50.840><c> this</c><00:04:50.990><c> measure</c><00:04:51.530><c> is</c><00:04:52.340><c> called</c><00:04:52.669><c> a</c><00:04:52.850><c> Gini</c>

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now this measure is called a Gini
 

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now this measure is called a Gini
coefficient<00:04:55.120><c> so</c><00:04:56.120><c> the</c><00:04:56.270><c> Gini</c><00:04:56.539><c> coefficient</c><00:04:57.259><c> is</c>

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coefficient so the Gini coefficient is
 

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coefficient so the Gini coefficient is
given<00:04:58.550><c> by</c><00:04:58.729><c> the</c><00:04:58.789><c> shaded</c><00:04:59.600><c> area</c><00:05:00.169><c> as</c><00:05:00.320><c> a</c><00:05:00.979><c> proportion</c>

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given by the shaded area as a proportion
 

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given by the shaded area as a proportion
of<00:05:01.850><c> the</c><00:05:01.910><c> triangle</c><00:05:02.539><c> ABC</c><00:05:04.030><c> the</c><00:05:05.030><c> Gini</c><00:05:05.270><c> coefficient</c>

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of the triangle ABC the Gini coefficient
 

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of the triangle ABC the Gini coefficient
will<00:05:06.650><c> be</c><00:05:06.680><c> somewhere</c><00:05:07.220><c> between</c><00:05:07.370><c> 0</c><00:05:07.970><c> and</c><00:05:08.590><c> 100</c>

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will be somewhere between 0 and 100
 

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will be somewhere between 0 and 100
now<00:05:11.960><c> we'll</c><00:05:12.110><c> be</c><00:05:12.320><c> shortly</c><00:05:12.770><c> using</c><00:05:13.130><c> a</c><00:05:13.220><c> formula</c>

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now we'll be shortly using a formula
 

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now we'll be shortly using a formula
that<00:05:14.000><c> will</c><00:05:14.540><c> enables</c><00:05:15.080><c> to</c><00:05:15.230><c> measure</c><00:05:15.680><c> this</c><00:05:15.980><c> area</c>

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that will enables to measure this area
 

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that will enables to measure this area
to<00:05:16.670><c> find</c><00:05:16.850><c> the</c><00:05:17.060><c> value</c><00:05:17.480><c> and</c><00:05:18.290><c> this</c><00:05:18.470><c> will</c><00:05:18.620><c> be</c>

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to find the value and this will be
 

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to find the value and this will be
useful<00:05:18.980><c> because</c><00:05:19.880><c> it</c><00:05:20.210><c> will</c><00:05:20.330><c> enable</c><00:05:20.570><c> us</c><00:05:20.780><c> to</c>

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useful because it will enable us to
 

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useful because it will enable us to
compare<00:05:21.350><c> income</c><00:05:21.740><c> distributions</c><00:05:22.430><c> in</c>

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compare income distributions in
 

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compare income distributions in
different<00:05:22.910><c> societies</c><00:05:23.060><c> and</c><00:05:23.720><c> see</c><00:05:24.440><c> how</c><00:05:24.650><c> the</c>

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different societies and see how the
 

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different societies and see how the
distribution<00:05:25.160><c> of</c><00:05:25.520><c> income</c><00:05:25.880><c> is</c><00:05:26.030><c> changing</c>

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distribution of income is changing
 

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distribution of income is changing
within<00:05:27.470><c> a</c><00:05:27.590><c> society</c><00:05:27.770><c> over</c><00:05:28.640><c> time</c><00:05:30.430><c> you</c><00:05:31.430><c> need</c><00:05:31.610><c> to</c>

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within a society over time you need to
 

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within a society over time you need to
be<00:05:31.820><c> very</c><00:05:32.000><c> clear</c><00:05:32.330><c> about</c><00:05:32.360><c> what</c><00:05:32.600><c> the</c><00:05:33.020><c> information</c>

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be very clear about what the information
 

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be very clear about what the information
is<00:05:34.310><c> actually</c><00:05:34.670><c> conveying</c><00:05:35.450><c> there</c><00:05:36.140><c> are</c><00:05:36.290><c> two</c>

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is actually conveying there are two
 

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is actually conveying there are two
things<00:05:36.800><c> in</c><00:05:37.010><c> particular</c><00:05:37.190><c> to</c><00:05:37.790><c> look</c><00:05:37.970><c> out</c><00:05:38.150><c> for</c><00:05:38.450><c> the</c>

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things in particular to look out for the
 

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things in particular to look out for the
first<00:05:39.530><c> one</c><00:05:39.860><c> is</c><00:05:40.240><c> does</c><00:05:41.240><c> the</c><00:05:41.450><c> data</c><00:05:41.690><c> refer</c><00:05:42.320><c> to</c>

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first one is does the data refer to
 

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first one is does the data refer to
income<00:05:43.610><c> distribution</c><00:05:44.390><c> before</c><00:05:45.850><c> taxes</c><00:05:46.850><c> and</c>

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income distribution before taxes and
 

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income distribution before taxes and
Social<00:05:47.360><c> Security</c><00:05:47.870><c> payments</c><00:05:48.350><c> or</c><00:05:48.580><c> after</c><00:05:50.500><c> it</c>

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Social Security payments or after it
 

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Social Security payments or after it
tends<00:05:51.860><c> to</c><00:05:52.040><c> be</c><00:05:52.250><c> the</c><00:05:52.280><c> case</c><00:05:52.550><c> that</c><00:05:52.610><c> higher-income</c>

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tends to be the case that higher-income
 

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tends to be the case that higher-income
groups<00:05:53.570><c> pay</c><00:05:54.290><c> a</c><00:05:54.590><c> higher</c><00:05:55.160><c> proportion</c><00:05:55.700><c> of</c><00:05:56.000><c> their</c>

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groups pay a higher proportion of their
 

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groups pay a higher proportion of their
income<00:05:56.570><c> in</c><00:05:56.810><c> the</c><00:05:57.230><c> form</c><00:05:57.380><c> of</c><00:05:57.590><c> taxation</c><00:05:58.280><c> and</c><00:05:59.150><c> lower</c>

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income in the form of taxation and lower
 

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income in the form of taxation and lower
income<00:05:59.750><c> groups</c><00:06:00.020><c> tend</c><00:06:00.890><c> to</c><00:06:00.980><c> receive</c><00:06:01.340><c> more</c><00:06:01.730><c> in</c>

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income groups tend to receive more in
 

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income groups tend to receive more in
the<00:06:02.330><c> form</c><00:06:02.510><c> of</c><00:06:02.690><c> Social</c><00:06:03.080><c> Security</c><00:06:03.590><c> payments</c><00:06:04.130><c> and</c>

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the form of Social Security payments and
 

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the form of Social Security payments and
so<00:06:04.490><c> on</c><00:06:04.960><c> so</c><00:06:05.960><c> if</c><00:06:06.290><c> we</c><00:06:06.560><c> take</c><00:06:06.860><c> the</c><00:06:07.100><c> figures</c><00:06:07.460><c> after</c>

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so on so if we take the figures after
 

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so on so if we take the figures after
the<00:06:08.660><c> deduction</c><00:06:09.320><c> of</c><00:06:09.440><c> tax</c><00:06:09.740><c> and</c><00:06:10.240><c> adding</c><00:06:11.240><c> in</c>

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the deduction of tax and adding in
 

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the deduction of tax and adding in
Social<00:06:11.840><c> Security</c><00:06:12.320><c> payments</c><00:06:12.830><c> the</c>

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Social Security payments the
 

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Social Security payments the
distribution<00:06:14.060><c> of</c><00:06:14.150><c> income</c><00:06:14.300><c> looks</c><00:06:14.990><c> less</c><00:06:15.580><c> uneven</c>

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distribution of income looks less uneven
 

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distribution of income looks less uneven
and<00:06:19.010><c> Denmark</c><00:06:19.790><c> they</c><00:06:20.330><c> pay</c><00:06:20.540><c> one</c><00:06:20.750><c> of</c><00:06:20.870><c> the</c><00:06:20.990><c> highest</c>

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and Denmark they pay one of the highest
 

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and Denmark they pay one of the highest
rates<00:06:21.650><c> of</c><00:06:21.800><c> tax</c><00:06:22.100><c> in</c><00:06:22.310><c> the</c><00:06:22.400><c> world</c><00:06:22.430><c> and</c><00:06:23.230><c> some</c><00:06:24.230><c> of</c><00:06:24.380><c> it</c>

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rates of tax in the world and some of it
 

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rates of tax in the world and some of it
gets<00:06:25.130><c> redistributed</c><00:06:25.610><c> to</c><00:06:26.240><c> benefit</c>

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gets redistributed to benefit
 

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gets redistributed to benefit
lower-income<00:06:27.440><c> groups</c><00:06:28.120><c> this</c><00:06:29.120><c> young</c><00:06:29.330><c> mother</c><00:06:29.600><c> of</c>

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lower-income groups this young mother of
 

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lower-income groups this young mother of
three<00:06:30.190><c> recently</c><00:06:31.190><c> divorced</c><00:06:31.630><c> you're</c><00:06:32.630><c> studying</c>

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three recently divorced you're studying
 

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three recently divorced you're studying
at<00:06:33.230><c> the</c><00:06:33.320><c> local</c><00:06:33.680><c> college</c><00:06:33.920><c> while</c><00:06:34.730><c> raising</c><00:06:35.030><c> her</c>

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at the local college while raising her
 

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at the local college while raising her
children<00:06:35.540><c> hey</c><00:06:36.290><c> you</c><00:06:36.470><c> are</c><00:06:36.680><c> with</c><00:06:36.980><c> kids</c><00:06:37.520><c> that</c>

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children hey you are with kids that
 

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children hey you are with kids that
you're<00:06:37.880><c> trying</c><00:06:38.120><c> to</c><00:06:38.180><c> bring</c><00:06:38.390><c> up</c><00:06:38.540><c> on</c><00:06:38.720><c> your</c><00:06:38.840><c> own</c>

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you're trying to bring up on your own
 

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you're trying to bring up on your own
where's<00:06:39.770><c> the</c><00:06:40.040><c> money</c><00:06:40.340><c> come</c><00:06:40.760><c> from</c><00:06:40.790><c> and</c><00:06:41.450><c> most</c><00:06:41.900><c> of</c>

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where's the money come from and most of
 

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where's the money come from and most of
the<00:06:42.320><c> money</c><00:06:42.520><c> are</c><00:06:43.520><c> getting</c><00:06:43.940><c> a</c><00:06:44.210><c> scholarship</c><00:06:45.460><c> from</c>

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the money are getting a scholarship from
 

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the money are getting a scholarship from
the<00:06:46.640><c> state</c><00:06:46.880><c> that's</c><00:06:47.510><c> a</c><00:06:47.720><c> normal</c><00:06:47.900><c> thing</c><00:06:48.080><c> if</c><00:06:48.410><c> you</c>

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the state that's a normal thing if you
 

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the state that's a normal thing if you
were<00:06:48.650><c> going</c><00:06:48.950><c> to</c><00:06:49.070><c> school</c><00:06:49.280><c> then</c><00:06:50.000><c> you</c><00:06:50.120><c> can</c><00:06:50.300><c> get</c><00:06:50.480><c> a</c>

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were going to school then you can get a
 

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were going to school then you can get a
loan<00:06:50.800><c> there's</c><00:06:51.800><c> about</c><00:06:51.980><c> six</c><00:06:52.370><c> thousand</c><00:06:52.760><c> a</c><00:06:52.820><c> month</c>

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loan there's about six thousand a month
 

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loan there's about six thousand a month
you're<00:06:53.840><c> gonna</c><00:06:54.020><c> get</c><00:06:54.230><c> that</c><00:06:54.530><c> extra</c><00:06:55.160><c> every</c><00:06:55.670><c> month</c>

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you're gonna get that extra every month
 

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you're gonna get that extra every month
when<00:06:56.510><c> they're</c><00:06:56.720><c> born</c><00:06:56.960><c> to</c><00:06:57.350><c> the</c><00:06:57.980><c> age</c><00:06:58.070><c> of</c><00:06:58.250><c> three</c>

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when they're born to the age of three
 

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when they're born to the age of three
get<00:06:59.030><c> three</c><00:06:59.060><c> thousand</c><00:06:59.720><c> one</c><00:06:59.870><c> hundred</c><00:07:00.080><c> and</c>

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get three thousand one hundred and
 

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get three thousand one hundred and
twenty<00:07:01.130><c> five</c>

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twenty five
 

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twenty five
kroner<00:07:03.040><c> every</c><00:07:04.040><c> three</c><00:07:04.430><c> months</c><00:07:04.580><c> and</c><00:07:04.880><c> then</c><00:07:05.150><c> I</c><00:07:05.240><c> get</c>

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kroner every three months and then I get
 

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kroner every three months and then I get
supplied<00:07:06.470><c> from</c><00:07:06.980><c> the</c><00:07:07.370><c> City</c><00:07:08.150><c> Hall</c><00:07:08.360><c> I</c><00:07:08.690><c> get</c><00:07:09.260><c> five</c>

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supplied from the City Hall I get five
 

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supplied from the City Hall I get five
thousand

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thousand
 

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thousand
extra<00:07:10.460><c> and</c><00:07:11.180><c> then</c>

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extra and then
 

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extra and then
the<00:07:11.890><c> state</c><00:07:12.160><c> as</c><00:07:12.400><c> well</c><00:07:12.640><c> because</c><00:07:13.600><c> I'm</c><00:07:13.750><c> alone</c><00:07:14.020><c> yeah</c>

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the state as well because I'm alone yeah
 

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the state as well because I'm alone yeah
with<00:07:15.040><c> two</c><00:07:15.310><c> children</c>

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with two children
 

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with two children
I<00:07:16.210><c> get</c><00:07:17.280><c> the</c><00:07:18.280><c> half</c><00:07:18.520><c> of</c><00:07:18.790><c> my</c><00:07:18.970><c> rent</c><00:07:19.540><c> paid</c><00:07:19.900><c> the</c>

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I get the half of my rent paid the
 

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I get the half of my rent paid the
health<00:07:21.040><c> care</c><00:07:21.520><c> is</c><00:07:21.850><c> that</c><00:07:21.880><c> free</c><00:07:22.720><c> that's</c><00:07:23.260><c> free</c>

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health care is that free that's free
 

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health care is that free that's free
we<00:07:24.010><c> have</c><00:07:24.160><c> dentists</c><00:07:24.850><c> that's</c><00:07:25.330><c> also</c><00:07:25.750><c> for</c><00:07:25.930><c> free</c><00:07:26.110><c> in</c>

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we have dentists that's also for free in
 

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we have dentists that's also for free in
that<00:07:27.190><c> way</c><00:07:27.400><c> it's</c><00:07:27.700><c> a</c><00:07:27.790><c> nice</c><00:07:27.940><c> thing</c><00:07:28.240><c> and</c><00:07:28.480><c> I</c><00:07:28.660><c> really</c>

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that way it's a nice thing and I really
 

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that way it's a nice thing and I really
good<00:07:29.290><c> think</c><00:07:29.560><c> it's</c><00:07:29.860><c> a</c><00:07:29.950><c> good</c><00:07:30.070><c> deed</c><00:07:30.480><c> say</c><00:07:31.480><c> that</c><00:07:31.720><c> she</c>

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good think it's a good deed say that she
 

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good think it's a good deed say that she
receives<00:07:33.070><c> free</c><00:07:33.790><c> tuition</c><00:07:33.970><c> child</c><00:07:34.900><c> care</c><00:07:35.290><c> health</c>

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receives free tuition child care health
 

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receives free tuition child care health
care<00:07:35.920><c> dental</c><00:07:36.910><c> care</c><00:07:36.940><c> a</c><00:07:37.420><c> stipend</c><00:07:38.140><c> for</c><00:07:38.290><c> student</c>

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care dental care a stipend for student
 

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care dental care a stipend for student
expenses<00:07:39.250><c> and</c><00:07:39.520><c> welfare</c><00:07:40.390><c> support</c><00:07:40.600><c> so</c><00:07:41.290><c> the</c>

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expenses and welfare support so the
 

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expenses and welfare support so the
Danish<00:07:41.770><c> distribution</c><00:07:42.550><c> of</c><00:07:42.670><c> income</c><00:07:42.820><c> after</c><00:07:43.330><c> tax</c>

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Danish distribution of income after tax
 

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Danish distribution of income after tax
and<00:07:44.350><c> Social</c><00:07:44.770><c> Security</c><00:07:45.520><c> payments</c><00:07:46.030><c> is</c><00:07:46.230><c> much</c>

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and Social Security payments is much
 

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and Social Security payments is much
more<00:07:47.560><c> even</c><00:07:47.920><c> than</c><00:07:48.040><c> the</c><00:07:48.190><c> one</c><00:07:48.370><c> before</c><00:07:48.970><c> such</c>

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more even than the one before such
 

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more even than the one before such
redistributed<00:07:50.560><c> effects</c><00:07:51.190><c> are</c><00:07:51.520><c> taken</c><00:07:51.850><c> into</c>

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redistributed effects are taken into
 

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redistributed effects are taken into
account<00:07:52.620><c> the</c><00:07:53.620><c> other</c><00:07:53.650><c> thing</c><00:07:53.980><c> we</c><00:07:54.100><c> need</c><00:07:54.280><c> to</c><00:07:54.310><c> watch</c>

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account the other thing we need to watch
 

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account the other thing we need to watch
out<00:07:54.880><c> for</c><00:07:55.150><c> is</c><00:07:55.510><c> this</c><00:07:55.780><c> is</c><00:07:56.560><c> the</c><00:07:56.830><c> data</c><00:07:57.450><c> equivalence</c>

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out for is this is the data equivalence
 

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out for is this is the data equivalence
equivalent<00:08:00.520><c> data</c><00:08:01.030><c> takes</c><00:08:01.810><c> into</c><00:08:02.200><c> account</c><00:08:02.490><c> that</c>

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equivalent data takes into account that
 

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equivalent data takes into account that
larger<00:08:04.210><c> households</c><00:08:04.930><c> clearly</c><00:08:05.320><c> need</c><00:08:05.530><c> more</c>

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larger households clearly need more
 

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larger households clearly need more
income<00:08:06.430><c> than</c><00:08:06.640><c> smaller</c><00:08:07.210><c> ones</c><00:08:07.950><c> suppose</c><00:08:08.950><c> you</c>

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income than smaller ones suppose you
 

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income than smaller ones suppose you
have<00:08:09.190><c> two</c><00:08:09.370><c> households</c><00:08:10.440><c> one</c><00:08:11.440><c> there's</c><00:08:12.040><c> just</c><00:08:12.370><c> two</c>

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have two households one there's just two
 

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have two households one there's just two
people<00:08:12.850><c> living</c><00:08:13.180><c> in</c><00:08:13.390><c> it</c><00:08:13.510><c> the</c><00:08:13.990><c> other</c><00:08:14.169><c> there's</c>

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people living in it the other there's
 

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people living in it the other there's
mum<00:08:15.160><c> dad</c><00:08:15.490><c> and</c><00:08:15.520><c> four</c><00:08:15.910><c> children</c>

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mum dad and four children
 

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mum dad and four children
the<00:08:18.190><c> nonequivalence</c><00:08:19.180><c> data</c><00:08:19.540><c> makes</c><00:08:20.230><c> no</c>

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the nonequivalence data makes no
 

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the nonequivalence data makes no
allowance<00:08:20.970><c> for</c><00:08:21.970><c> the</c><00:08:22.090><c> additional</c><00:08:22.600><c> needs</c><00:08:22.900><c> of</c>

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allowance for the additional needs of
 

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allowance for the additional needs of
the<00:08:23.919><c> family</c><00:08:24.870><c> but</c><00:08:25.870><c> when</c><00:08:26.050><c> we</c><00:08:26.200><c> equivalent</c><00:08:26.970><c> we</c>

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the family but when we equivalent we
 

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the family but when we equivalent we
recognize<00:08:28.690><c> that</c><00:08:29.080><c> in</c><00:08:29.650><c> order</c><00:08:29.770><c> to</c><00:08:30.010><c> have</c><00:08:30.250><c> the</c><00:08:30.400><c> same</c>

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recognize that in order to have the same
 

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recognize that in order to have the same
standard<00:08:31.180><c> of</c><00:08:31.240><c> living</c><00:08:31.419><c> the</c><00:08:32.200><c> larger</c><00:08:32.710><c> family</c>

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standard of living the larger family
 

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standard of living the larger family
would<00:08:33.580><c> need</c><00:08:33.820><c> more</c><00:08:34.210><c> income</c><00:08:34.839><c> than</c><00:08:35.080><c> the</c><00:08:35.530><c> smaller</c>

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would need more income than the smaller
 

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would need more income than the smaller
family

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we're<00:08:40.089><c> back</c><00:08:40.240><c> on</c><00:08:40.270><c> my</c><00:08:40.570><c> desert</c><00:08:40.930><c> island</c><00:08:41.020><c> to</c>

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we're back on my desert island to
 

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we're back on my desert island to
consider<00:08:41.770><c> further</c><00:08:42.099><c> our</c><00:08:42.490><c> understanding</c><00:08:43.450><c> of</c>

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consider further our understanding of
 

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consider further our understanding of
income<00:08:43.900><c> distribution</c><00:08:44.190><c> statistics</c><00:08:45.600><c> you</c><00:08:46.600><c> may</c>

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income distribution statistics you may
 

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income distribution statistics you may
recall<00:08:47.050><c> from</c><00:08:47.290><c> an</c><00:08:47.440><c> earlier</c><00:08:47.529><c> film</c><00:08:47.980><c> how</c><00:08:48.580><c> a</c><00:08:48.610><c> few</c><00:08:48.940><c> of</c>

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recall from an earlier film how a few of
 

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recall from an earlier film how a few of
us<00:08:49.210><c> live</c><00:08:49.480><c> together</c><00:08:49.660><c> and</c><00:08:50.050><c> traded</c><00:08:50.740><c> our</c><00:08:50.890><c> goods</c>

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us live together and traded our goods
 

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us live together and traded our goods
and<00:08:51.279><c> services</c><00:08:51.750><c> as</c><00:08:52.750><c> our</c><00:08:53.020><c> economy</c><00:08:53.560><c> developed</c><00:08:54.010><c> we</c>

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and services as our economy developed we
 

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and services as our economy developed we
used<00:08:54.730><c> money</c><00:08:55.029><c> as</c><00:08:55.240><c> a</c><00:08:55.270><c> means</c><00:08:55.600><c> of</c><00:08:55.779><c> exchange</c><00:08:57.089><c> now</c>

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used money as a means of exchange now
 

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used money as a means of exchange now
what<00:08:58.270><c> we're</c><00:08:58.390><c> going</c><00:08:58.540><c> to</c><00:08:58.630><c> do</c><00:08:58.839><c> is</c><00:08:59.230><c> to</c><00:08:59.440><c> look</c><00:08:59.589><c> at</c><00:08:59.710><c> our</c>

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what we're going to do is to look at our
 

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what we're going to do is to look at our
earnings<00:09:00.490><c> from</c><00:09:01.330><c> that</c><00:09:01.540><c> exchange</c><00:09:02.200><c> and</c>

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earnings from that exchange and
 

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earnings from that exchange and
distribution<00:09:03.910><c> process</c><00:09:05.610><c> on</c><00:09:06.610><c> our</c><00:09:06.640><c> island</c><00:09:07.180><c> we</c>

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distribution process on our island we
 

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distribution process on our island we
have<00:09:07.930><c> no</c><00:09:08.230><c> taxes</c><00:09:08.710><c> and</c><00:09:09.130><c> each</c><00:09:09.279><c> of</c><00:09:09.430><c> us</c><00:09:09.580><c> is</c><00:09:09.730><c> the</c><00:09:09.880><c> same</c>

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have no taxes and each of us is the same
 

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have no taxes and each of us is the same
sized<00:09:10.630><c> household</c><00:09:11.760><c> one</c><00:09:13.200><c> so</c><00:09:14.200><c> we</c><00:09:14.320><c> don't</c><00:09:14.470><c> have</c><00:09:14.589><c> to</c>

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sized household one so we don't have to
 

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sized household one so we don't have to
worry<00:09:15.010><c> about</c><00:09:15.339><c> whether</c><00:09:15.670><c> incomes</c><00:09:16.150><c> are</c><00:09:16.390><c> before</c>

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worry about whether incomes are before
 

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worry about whether incomes are before
or<00:09:17.020><c> after</c><00:09:17.529><c> allowances</c><00:09:18.130><c> the</c><00:09:18.580><c> taxes</c><00:09:19.029><c> Social</c>

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or after allowances the taxes Social
 

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or after allowances the taxes Social
Security<00:09:19.900><c> or</c><00:09:20.830><c> indeed</c><00:09:21.130><c> about</c><00:09:21.339><c> household</c><00:09:21.850><c> size</c>

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Security or indeed about household size
 

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Security or indeed about household size
there<00:09:24.640><c> are</c><00:09:24.670><c> just</c><00:09:24.850><c> three</c><00:09:25.150><c> of</c><00:09:25.180><c> us</c><00:09:25.390><c> present</c><00:09:25.779><c> on</c>

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there are just three of us present on
 

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there are just three of us present on
our<00:09:26.050><c> island</c><00:09:26.529><c> at</c><00:09:26.650><c> the</c><00:09:26.740><c> moment</c><00:09:27.100><c> but</c><00:09:27.910><c> we're</c><00:09:28.089><c> not</c>

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our island at the moment but we're not
 

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our island at the moment but we're not
all<00:09:28.330><c> equally</c><00:09:28.839><c> productive</c><00:09:29.470><c> and</c><00:09:30.100><c> that's</c>

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all equally productive and that's
 

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all equally productive and that's
reflected<00:09:31.750><c> in</c><00:09:31.990><c> our</c><00:09:32.380><c> earnings</c><00:09:33.210><c> so</c><00:09:34.210><c> of</c><00:09:34.330><c> the</c>

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reflected in our earnings so of the
 

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reflected in our earnings so of the
three<00:09:34.690><c> of</c><00:09:34.779><c> us</c><00:09:34.900><c> one</c><00:09:35.890><c> of</c><00:09:35.920><c> us</c><00:09:36.100><c> earns</c><00:09:36.339><c> 60</c><00:09:36.940><c> euros</c><00:09:37.300><c> a</c>

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three of us one of us earns 60 euros a
 

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three of us one of us earns 60 euros a
week<00:09:37.800><c> one</c><00:09:38.800><c> of</c><00:09:38.920><c> us</c><00:09:39.010><c> 20</c><00:09:39.790><c> euros</c><00:09:40.150><c> a</c><00:09:40.180><c> week</c><00:09:40.330><c> and</c><00:09:40.720><c> the</c>

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week one of us 20 euros a week and the
 

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week one of us 20 euros a week and the
other<00:09:41.620><c> one</c><00:09:41.830><c> 20</c><00:09:42.430><c> euros</c><00:09:42.790><c> a</c><00:09:42.820><c> week</c><00:09:44.580><c> so</c><00:09:45.580><c> what's</c><00:09:45.790><c> the</c>

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other one 20 euros a week so what's the
 

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other one 20 euros a week so what's the
Gini<00:09:46.390><c> coefficient</c><00:09:47.170><c> for</c><00:09:47.860><c> our</c><00:09:47.980><c> little</c><00:09:48.250><c> economy</c>

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Gini coefficient for our little economy
 

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Gini coefficient for our little economy
the<00:09:51.010><c> data</c><00:09:51.220><c> we</c><00:09:51.430><c> have</c><00:09:51.640><c> is</c><00:09:51.820><c> for</c><00:09:52.029><c> our</c><00:09:52.170><c> three-person</c>

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the data we have is for our three-person
 

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the data we have is for our three-person
Island<00:09:53.680><c> economy</c><00:09:54.240><c> now</c><00:09:55.240><c> here</c><00:09:55.510><c> we've</c><00:09:55.660><c> arranged</c>

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Island economy now here we've arranged
 

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Island economy now here we've arranged
our<00:09:56.260><c> income</c><00:09:56.650><c> groups</c><00:09:56.860><c> from</c><00:09:57.610><c> the</c><00:09:57.790><c> largest</c><00:09:58.510><c> but</c>

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our income groups from the largest but
 

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our income groups from the largest but
it'll<00:09:59.470><c> make</c><00:09:59.620><c> no</c><00:09:59.830><c> difference</c><00:09:59.980><c> to</c><00:10:00.279><c> the</c><00:10:00.459><c> answer</c>

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it'll make no difference to the answer
 

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it'll make no difference to the answer
we<00:10:01.660><c> get</c><00:10:01.870><c> our</c><00:10:01.990><c> Gini</c><00:10:02.290><c> coefficient</c><00:10:02.980><c> whether</c><00:10:03.339><c> we</c>

00:10:03.510 --> 00:10:03.520 align:start position:0%
we get our Gini coefficient whether we
 

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we get our Gini coefficient whether we
accumulate<00:10:04.089><c> from</c><00:10:04.270><c> the</c><00:10:04.450><c> small</c><00:10:04.750><c> list</c><00:10:05.020><c> or</c><00:10:05.290><c> from</c>

00:10:06.150 --> 00:10:06.160 align:start position:0%
accumulate from the small list or from
 

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accumulate from the small list or from
the<00:10:06.279><c> largest</c><00:10:07.260><c> because</c><00:10:08.260><c> we've</c><00:10:08.440><c> only</c><00:10:08.560><c> three</c>

00:10:09.000 --> 00:10:09.010 align:start position:0%
the largest because we've only three
 

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the largest because we've only three
people<00:10:09.220><c> we</c><00:10:10.180><c> can</c><00:10:10.390><c> calculate</c><00:10:10.720><c> quite</c><00:10:11.200><c> easily</c><00:10:11.440><c> and</c>

00:10:11.940 --> 00:10:11.950 align:start position:0%
people we can calculate quite easily and
 

00:10:11.950 --> 00:10:14.250 align:start position:0%
people we can calculate quite easily and
the<00:10:12.670><c> formula</c><00:10:13.209><c> that</c><00:10:13.360><c> we</c><00:10:13.510><c> can</c><00:10:13.690><c> use</c><00:10:13.900><c> to</c><00:10:13.930><c> calculate</c>

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the formula that we can use to calculate
 

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the formula that we can use to calculate
it<00:10:14.800><c> is</c><00:10:14.980><c> given</c><00:10:15.760><c> as</c><00:10:16.200><c> G</c><00:10:17.200><c> equals</c><00:10:17.860><c> one</c><00:10:18.520><c> over</c><00:10:18.550><c> n</c><00:10:18.970><c> times</c>

00:10:19.820 --> 00:10:19.830 align:start position:0%
it is given as G equals one over n times
 

00:10:19.830 --> 00:10:28.590 align:start position:0%
it is given as G equals one over n times
Sigma<00:10:20.830><c> a</c><00:10:22.200><c> n</c><00:10:23.820><c> minus</c><00:10:24.820><c> 2</c><00:10:25.120><c> I</c><00:10:25.150><c> plus</c><00:10:25.300><c> 1</c><00:10:26.400><c> where</c><00:10:27.400><c> I</c><00:10:27.600><c> goes</c>

00:10:28.590 --> 00:10:28.600 align:start position:0%
Sigma a n minus 2 I plus 1 where I goes
 

00:10:28.600 --> 00:10:34.290 align:start position:0%
Sigma a n minus 2 I plus 1 where I goes
from<00:10:28.680><c> 1</c><00:10:29.680><c> to</c><00:10:29.709><c> N</c><00:10:30.720><c> and</c><00:10:31.720><c> a</c>

00:10:34.290 --> 00:10:34.300 align:start position:0%
from 1 to N and a
 

00:10:34.300 --> 00:10:35.910 align:start position:0%
from 1 to N and a
is<00:10:34.450><c> the</c><00:10:34.750><c> proportion</c><00:10:35.290><c> of</c><00:10:35.410><c> total</c><00:10:35.620><c> income</c>

00:10:35.910 --> 00:10:35.920 align:start position:0%
is the proportion of total income
 

00:10:35.920 --> 00:10:39.440 align:start position:0%
is the proportion of total income
received<00:10:36.640><c> by</c><00:10:36.850><c> the</c><00:10:37.060><c> person</c><00:10:37.840><c> or</c><00:10:37.990><c> income</c><00:10:38.620><c> group</c>

00:10:39.440 --> 00:10:39.450 align:start position:0%
received by the person or income group
 

00:10:39.450 --> 00:10:42.450 align:start position:0%
received by the person or income group
then<00:10:40.450><c> is</c><00:10:40.600><c> the</c><00:10:40.750><c> number</c><00:10:41.020><c> of</c><00:10:41.170><c> people</c><00:10:41.500><c> or</c><00:10:41.920><c> income</c>

00:10:42.450 --> 00:10:42.460 align:start position:0%
then is the number of people or income
 

00:10:42.460 --> 00:10:47.160 align:start position:0%
then is the number of people or income
groups<00:10:43.920><c> now</c><00:10:44.920><c> if</c><00:10:44.980><c> that</c><00:10:45.100><c> term</c><00:10:45.400><c> I</c><00:10:45.610><c> is</c><00:10:46.510><c> unfamiliar</c>

00:10:47.160 --> 00:10:47.170 align:start position:0%
groups now if that term I is unfamiliar
 

00:10:47.170 --> 00:10:47.820 align:start position:0%
groups now if that term I is unfamiliar
to<00:10:47.470><c> you</c>

00:10:47.820 --> 00:10:47.830 align:start position:0%
to you
 

00:10:47.830 --> 00:10:52.230 align:start position:0%
to you
it<00:10:48.370><c> simply</c><00:10:48.820><c> means</c><00:10:49.060><c> each</c><00:10:50.020><c> one</c><00:10:50.470><c> in</c><00:10:50.650><c> turn</c><00:10:51.240><c> we'll</c>

00:10:52.230 --> 00:10:52.240 align:start position:0%
it simply means each one in turn we'll
 

00:10:52.240 --> 00:10:55.310 align:start position:0%
it simply means each one in turn we'll
see<00:10:52.420><c> how</c><00:10:52.540><c> that</c><00:10:52.600><c> works</c><00:10:52.900><c> in</c><00:10:53.170><c> just</c><00:10:53.230><c> a</c><00:10:53.500><c> moment</c><00:10:53.920><c> so</c>

00:10:55.310 --> 00:10:55.320 align:start position:0%
see how that works in just a moment so
 

00:10:55.320 --> 00:10:57.570 align:start position:0%
see how that works in just a moment so
substituting<00:10:56.320><c> into</c><00:10:56.620><c> the</c><00:10:56.710><c> formula</c><00:10:57.190><c> with</c><00:10:57.430><c> our</c>

00:10:57.570 --> 00:10:57.580 align:start position:0%
substituting into the formula with our
 

00:10:57.580 --> 00:11:01.260 align:start position:0%
substituting into the formula with our
island<00:10:58.120><c> data</c><00:10:58.530><c> we</c><00:10:59.530><c> have</c><00:11:00.000><c> three</c><00:11:01.000><c> people</c>

00:11:01.260 --> 00:11:01.270 align:start position:0%
island data we have three people
 

00:11:01.270 --> 00:11:03.540 align:start position:0%
island data we have three people
remember<00:11:01.990><c> and</c><00:11:02.470><c> we're</c><00:11:02.740><c> going</c><00:11:02.890><c> to</c><00:11:03.010><c> look</c><00:11:03.130><c> at</c><00:11:03.280><c> each</c>

00:11:03.540 --> 00:11:03.550 align:start position:0%
remember and we're going to look at each
 

00:11:03.550 --> 00:11:07.530 align:start position:0%
remember and we're going to look at each
person<00:11:04.240><c> in</c><00:11:04.510><c> turn</c><00:11:04.900><c> that's</c><00:11:05.470><c> what</c><00:11:05.800><c> I</c><00:11:06.040><c> means</c><00:11:06.540><c> so</c>

00:11:07.530 --> 00:11:07.540 align:start position:0%
person in turn that's what I means so
 

00:11:07.540 --> 00:11:11.490 align:start position:0%
person in turn that's what I means so
we'll<00:11:07.690><c> set</c><00:11:07.960><c> I</c><00:11:08.200><c> equal</c><00:11:08.470><c> to</c><00:11:08.800><c> 1</c><00:11:09.120><c> then</c><00:11:10.120><c> 2</c><00:11:10.330><c> 2</c><00:11:10.570><c> then</c><00:11:11.140><c> 2</c><00:11:11.320><c> 3</c>

00:11:11.490 --> 00:11:11.500 align:start position:0%
we'll set I equal to 1 then 2 2 then 2 3
 

00:11:11.500 --> 00:11:15.180 align:start position:0%
we'll set I equal to 1 then 2 2 then 2 3
and<00:11:11.890><c> so</c><00:11:12.190><c> on</c><00:11:12.510><c> and</c><00:11:13.510><c> remember</c><00:11:13.840><c> that</c><00:11:14.170><c> 60</c><00:11:14.890><c> is</c><00:11:15.040><c> the</c>

00:11:15.180 --> 00:11:15.190 align:start position:0%
and so on and remember that 60 is the
 

00:11:15.190 --> 00:11:18.150 align:start position:0%
and so on and remember that 60 is the
income<00:11:15.550><c> of</c><00:11:15.580><c> the</c><00:11:15.760><c> first</c><00:11:16.000><c> person</c><00:11:16.710><c> 20</c><00:11:17.710><c> the</c><00:11:17.860><c> income</c>

00:11:18.150 --> 00:11:18.160 align:start position:0%
income of the first person 20 the income
 

00:11:18.160 --> 00:11:21.630 align:start position:0%
income of the first person 20 the income
of<00:11:18.190><c> the</c><00:11:18.400><c> second</c><00:11:18.730><c> person</c><00:11:19.590><c> 20</c><00:11:20.590><c> the</c><00:11:21.220><c> income</c><00:11:21.610><c> of</c>

00:11:21.630 --> 00:11:21.640 align:start position:0%
of the second person 20 the income of
 

00:11:21.640 --> 00:11:25.680 align:start position:0%
of the second person 20 the income of
the<00:11:21.850><c> third</c><00:11:22.090><c> person</c><00:11:23.550><c> so</c><00:11:24.550><c> we</c><00:11:24.640><c> start</c><00:11:24.880><c> off</c><00:11:25.030><c> that</c><00:11:25.210><c> G</c>

00:11:25.680 --> 00:11:25.690 align:start position:0%
the third person so we start off that G
 

00:11:25.690 --> 00:11:30.030 align:start position:0%
the third person so we start off that G
equals<00:11:27.030><c> one</c><00:11:28.030><c> third</c><00:11:28.300><c> because</c><00:11:28.960><c> N</c><00:11:29.260><c> equals</c><00:11:29.680><c> three</c>

00:11:30.030 --> 00:11:30.040 align:start position:0%
equals one third because N equals three
 

00:11:30.040 --> 00:11:36.150 align:start position:0%
equals one third because N equals three
times<00:11:31.440><c> now</c><00:11:32.440><c> the</c><00:11:32.500><c> first</c><00:11:32.830><c> person</c><00:11:33.040><c> has</c><00:11:33.660><c> 60</c><00:11:35.160><c> so</c>

00:11:36.150 --> 00:11:36.160 align:start position:0%
times now the first person has 60 so
 

00:11:36.160 --> 00:11:41.670 align:start position:0%
times now the first person has 60 so
it's<00:11:36.310><c> 60</c><00:11:37.060><c> times</c><00:11:37.740><c> n</c><00:11:38.740><c> is</c><00:11:38.980><c> 3</c><00:11:39.310><c> remember</c><00:11:39.840><c> 60</c><00:11:40.840><c> times</c><00:11:41.170><c> 3</c>

00:11:41.670 --> 00:11:41.680 align:start position:0%
it's 60 times n is 3 remember 60 times 3
 

00:11:41.680 --> 00:11:46.620 align:start position:0%
it's 60 times n is 3 remember 60 times 3
minus<00:11:42.450><c> now</c><00:11:43.450><c> we've</c><00:11:43.630><c> set</c><00:11:43.900><c> I</c><00:11:44.140><c> equal</c><00:11:44.170><c> to</c><00:11:44.800><c> 1</c><00:11:45.120><c> so</c><00:11:46.120><c> 2</c><00:11:46.600><c> I</c>

00:11:46.620 --> 00:11:46.630 align:start position:0%
minus now we've set I equal to 1 so 2 I
 

00:11:46.630 --> 00:11:51.810 align:start position:0%
minus now we've set I equal to 1 so 2 I
is<00:11:47.050><c> 2</c><00:11:47.640><c> so</c><00:11:48.640><c> we</c><00:11:48.670><c> have</c><00:11:48.790><c> 60</c><00:11:49.420><c> times</c><00:11:49.750><c> 3</c><00:11:50.230><c> minus</c><00:11:50.920><c> 2</c><00:11:51.280><c> plus</c>

00:11:51.810 --> 00:11:51.820 align:start position:0%
is 2 so we have 60 times 3 minus 2 plus
 

00:11:51.820 --> 00:11:54.840 align:start position:0%
is 2 so we have 60 times 3 minus 2 plus
1<00:11:52.120><c> and</c><00:11:52.920><c> now</c><00:11:53.920><c> we're</c><00:11:54.070><c> going</c><00:11:54.220><c> to</c><00:11:54.310><c> look</c><00:11:54.550><c> at</c><00:11:54.700><c> the</c>

00:11:54.840 --> 00:11:54.850 align:start position:0%
1 and now we're going to look at the
 

00:11:54.850 --> 00:11:59.670 align:start position:0%
1 and now we're going to look at the
second<00:11:55.390><c> person</c><00:11:55.840><c> that</c><00:11:55.870><c> has</c><00:11:56.520><c> 20</c><00:11:58.200><c> so</c><00:11:59.200><c> it's</c><00:11:59.380><c> plus</c>

00:11:59.670 --> 00:11:59.680 align:start position:0%
second person that has 20 so it's plus
 

00:11:59.680 --> 00:12:06.420 align:start position:0%
second person that has 20 so it's plus
20<00:12:00.340><c> times</c><00:12:00.370><c> a</c><00:12:02.010><c> is</c><00:12:03.010><c> again</c><00:12:03.430><c> 3</c><00:12:04.530><c> this</c><00:12:05.530><c> time</c><00:12:05.590><c> 2</c><00:12:06.130><c> times</c>

00:12:06.420 --> 00:12:06.430 align:start position:0%
20 times a is again 3 this time 2 times
 

00:12:06.430 --> 00:12:10.830 align:start position:0%
20 times a is again 3 this time 2 times
I<00:12:06.730><c> where</c><00:12:07.210><c> I</c><00:12:07.240><c> is</c><00:12:07.480><c> now</c><00:12:07.930><c> to</c><00:12:07.990><c> remember</c><00:12:09.270><c> 2</c><00:12:10.270><c> times</c><00:12:10.540><c> 2</c>

00:12:10.830 --> 00:12:10.840 align:start position:0%
I where I is now to remember 2 times 2
 

00:12:10.840 --> 00:12:16.500 align:start position:0%
I where I is now to remember 2 times 2
is<00:12:10.870><c> 4</c><00:12:11.550><c> so</c><00:12:12.550><c> we've</c><00:12:12.700><c> got</c><00:12:12.910><c> 20</c><00:12:13.450><c> times</c><00:12:14.260><c> 3</c><00:12:15.130><c> minus</c><00:12:15.700><c> 4</c>

00:12:16.500 --> 00:12:16.510 align:start position:0%
is 4 so we've got 20 times 3 minus 4
 

00:12:16.510 --> 00:12:20.730 align:start position:0%
is 4 so we've got 20 times 3 minus 4
plus<00:12:17.380><c> 1</c><00:12:18.120><c> plus</c><00:12:19.120><c> 20</c><00:12:19.810><c> the</c><00:12:20.020><c> income</c><00:12:20.350><c> of</c><00:12:20.380><c> the</c><00:12:20.560><c> third</c>

00:12:20.730 --> 00:12:20.740 align:start position:0%
plus 1 plus 20 the income of the third
 

00:12:20.740 --> 00:12:27.210 align:start position:0%
plus 1 plus 20 the income of the third
person<00:12:22.050><c> times</c><00:12:23.190><c> 3</c><00:12:24.190><c> minus</c><00:12:24.520><c> I</c><00:12:24.960><c> is</c><00:12:25.960><c> equal</c><00:12:26.500><c> to</c><00:12:26.620><c> 3</c><00:12:26.890><c> so</c>

00:12:27.210 --> 00:12:27.220 align:start position:0%
person times 3 minus I is equal to 3 so
 

00:12:27.220 --> 00:12:33.810 align:start position:0%
person times 3 minus I is equal to 3 so
it's<00:12:27.370><c> 2</c><00:12:27.760><c> threes</c><00:12:28.090><c> a</c><00:12:28.120><c> 6</c><00:12:28.540><c> 3</c><00:12:29.170><c> minus</c><00:12:29.710><c> 6</c><00:12:30.340><c> plus</c><00:12:31.060><c> 1</c><00:12:32.820><c> so</c>

00:12:33.810 --> 00:12:33.820 align:start position:0%
it's 2 threes a 6 3 minus 6 plus 1 so
 

00:12:33.820 --> 00:12:37.830 align:start position:0%
it's 2 threes a 6 3 minus 6 plus 1 so
that<00:12:33.970><c> gives</c><00:12:34.210><c> us</c><00:12:34.420><c> that</c><00:12:34.600><c> G</c><00:12:34.980><c> equals</c><00:12:36.270><c> 1</c><00:12:37.270><c> over</c><00:12:37.300><c> 3</c>

00:12:37.830 --> 00:12:37.840 align:start position:0%
that gives us that G equals 1 over 3
 

00:12:37.840 --> 00:12:47.110 align:start position:0%
that gives us that G equals 1 over 3
times<00:12:39.180><c> 120</c><00:12:41.310><c> plus</c><00:12:42.310><c> 0</c><00:12:43.800><c> minus</c><00:12:44.800><c> 40</c>

00:12:47.110 --> 00:12:47.120 align:start position:0%
times 120 plus 0 minus 40
 

00:12:47.120 --> 00:12:54.640 align:start position:0%
times 120 plus 0 minus 40
which<00:12:48.120><c> equals</c><00:12:48.630><c> 1/3</c><00:12:49.940><c> times</c><00:12:50.940><c> 80</c><00:12:51.740><c> which</c><00:12:52.740><c> equals</c>

00:12:54.640 --> 00:12:54.650 align:start position:0%
which equals 1/3 times 80 which equals
 

00:12:54.650 --> 00:12:57.400 align:start position:0%
which equals 1/3 times 80 which equals
26.67

00:12:57.400 --> 00:12:57.410 align:start position:0%
26.67
 

00:12:57.410 --> 00:13:01.809 align:start position:0%
26.67
so<00:12:58.629><c> 26.67</c><00:13:00.049><c> is</c><00:13:00.139><c> our</c><00:13:00.319><c> Gini</c><00:13:00.679><c> coefficient</c><00:13:01.369><c> the</c>

00:13:01.809 --> 00:13:01.819 align:start position:0%
so 26.67 is our Gini coefficient the
 

00:13:01.819 --> 00:13:05.289 align:start position:0%
so 26.67 is our Gini coefficient the
measure<00:13:02.119><c> of</c><00:13:02.389><c> inequality</c><00:13:02.660><c> on</c><00:13:03.289><c> our</c><00:13:03.439><c> island</c><00:13:04.299><c> you</c>

00:13:05.289 --> 00:13:05.299 align:start position:0%
measure of inequality on our island you
 

00:13:05.299 --> 00:13:07.059 align:start position:0%
measure of inequality on our island you
may<00:13:05.449><c> like</c><00:13:05.629><c> to</c><00:13:05.660><c> use</c><00:13:05.809><c> the</c><00:13:06.109><c> formula</c><00:13:06.529><c> for</c><00:13:06.679><c> say</c><00:13:06.859><c> a</c>

00:13:07.059 --> 00:13:07.069 align:start position:0%
may like to use the formula for say a
 

00:13:07.069 --> 00:13:10.329 align:start position:0%
may like to use the formula for say a
four-person<00:13:07.939><c> economy</c><00:13:08.449><c> where</c><00:13:08.629><c> each</c><00:13:08.959><c> has</c><00:13:09.289><c> a</c><00:13:09.339><c> 25</c>

00:13:10.329 --> 00:13:10.339 align:start position:0%
four-person economy where each has a 25
 

00:13:10.339 --> 00:13:13.150 align:start position:0%
four-person economy where each has a 25
euro<00:13:10.699><c> income</c><00:13:11.209><c> and</c><00:13:11.529><c> remember</c><00:13:12.529><c> that</c><00:13:12.679><c> because</c>

00:13:13.150 --> 00:13:13.160 align:start position:0%
euro income and remember that because
 

00:13:13.160 --> 00:13:15.969 align:start position:0%
euro income and remember that because
the<00:13:13.459><c> distribution</c><00:13:14.299><c> of</c><00:13:14.659><c> income</c><00:13:14.839><c> is</c><00:13:15.319><c> perfectly</c>

00:13:15.969 --> 00:13:15.979 align:start position:0%
the distribution of income is perfectly
 

00:13:15.979 --> 00:13:16.779 align:start position:0%
the distribution of income is perfectly
even

00:13:16.779 --> 00:13:16.789 align:start position:0%
even
 

00:13:16.789 --> 00:13:21.119 align:start position:0%
even
you<00:13:17.479><c> should</c><00:13:17.720><c> get</c><00:13:17.869><c> an</c><00:13:18.019><c> answer</c><00:13:18.139><c> equal</c><00:13:18.739><c> to</c><00:13:18.829><c> zero</c>

00:13:21.119 --> 00:13:21.129 align:start position:0%
you should get an answer equal to zero
 

00:13:21.129 --> 00:13:23.829 align:start position:0%
you should get an answer equal to zero
one<00:13:22.129><c> of</c><00:13:22.249><c> the</c><00:13:22.309><c> great</c><00:13:22.519><c> advantages</c><00:13:23.269><c> of</c><00:13:23.329><c> the</c><00:13:23.509><c> Gini</c>

00:13:23.829 --> 00:13:23.839 align:start position:0%
one of the great advantages of the Gini
 

00:13:23.839 --> 00:13:25.719 align:start position:0%
one of the great advantages of the Gini
coefficient<00:13:24.470><c> is</c><00:13:24.589><c> that</c><00:13:24.979><c> it</c><00:13:25.099><c> enables</c><00:13:25.339><c> us</c><00:13:25.669><c> to</c>

00:13:25.719 --> 00:13:25.729 align:start position:0%
coefficient is that it enables us to
 

00:13:25.729 --> 00:13:28.059 align:start position:0%
coefficient is that it enables us to
make<00:13:25.879><c> comparisons</c><00:13:26.869><c> between</c><00:13:27.019><c> countries</c>

00:13:28.059 --> 00:13:28.069 align:start position:0%
make comparisons between countries
 

00:13:28.069 --> 00:13:30.489 align:start position:0%
make comparisons between countries
even<00:13:28.789><c> if</c><00:13:28.909><c> significantly</c><00:13:29.720><c> different</c><00:13:30.199><c> levels</c>

00:13:30.489 --> 00:13:30.499 align:start position:0%
even if significantly different levels
 

00:13:30.499 --> 00:13:34.059 align:start position:0%
even if significantly different levels
of<00:13:30.649><c> income</c><00:13:30.909><c> it's</c><00:13:31.909><c> the</c><00:13:32.239><c> relative</c><00:13:33.069><c> income</c>

00:13:34.059 --> 00:13:34.069 align:start position:0%
of income it's the relative income
 

00:13:34.069 --> 00:13:39.519 align:start position:0%
of income it's the relative income
differences<00:13:34.669><c> that</c><00:13:35.149><c> we're</c><00:13:35.389><c> interested</c><00:13:35.689><c> in</c><00:13:38.529><c> the</c>

00:13:39.519 --> 00:13:39.529 align:start position:0%
differences that we're interested in the
 

00:13:39.529 --> 00:13:42.699 align:start position:0%
differences that we're interested in the
coefficient<00:13:40.099><c> varies</c><00:13:40.489><c> between</c><00:13:40.669><c> countries</c><00:13:41.709><c> for</c>

00:13:42.699 --> 00:13:42.709 align:start position:0%
coefficient varies between countries for
 

00:13:42.709 --> 00:13:44.649 align:start position:0%
coefficient varies between countries for
example<00:13:43.159><c> in</c><00:13:43.279><c> Europe</c><00:13:43.549><c> it's</c><00:13:43.939><c> typically</c><00:13:44.449><c> around</c>

00:13:44.649 --> 00:13:44.659 align:start position:0%
example in Europe it's typically around
 

00:13:44.659 --> 00:13:48.369 align:start position:0%
example in Europe it's typically around
28<00:13:45.319><c> to</c><00:13:45.559><c> 30</c><00:13:45.999><c> with</c><00:13:46.999><c> Scandinavian</c><00:13:47.419><c> countries</c><00:13:48.199><c> the</c>

00:13:48.369 --> 00:13:48.379 align:start position:0%
28 to 30 with Scandinavian countries the
 

00:13:48.379 --> 00:13:53.409 align:start position:0%
28 to 30 with Scandinavian countries the
most<00:13:48.499><c> equal</c><00:13:48.979><c> at</c><00:13:49.309><c> around</c><00:13:49.609><c> 22</c><00:13:50.419><c> to</c><00:13:50.599><c> 24</c><00:13:51.199><c> in</c><00:13:51.849><c> the</c><00:13:52.849><c> USA</c>

00:13:53.409 --> 00:13:53.419 align:start position:0%
most equal at around 22 to 24 in the USA
 

00:13:53.419 --> 00:14:00.069 align:start position:0%
most equal at around 22 to 24 in the USA
it's<00:13:53.659><c> around</c><00:13:53.989><c> 45</c><00:13:54.649><c> in</c><00:13:55.369><c> the</c><00:13:56.269><c> UK</c><00:13:56.809><c> about</c><00:13:57.679><c> 34</c><00:13:58.929><c> so</c><00:13:59.929><c> the</c>

00:14:00.069 --> 00:14:00.079 align:start position:0%
it's around 45 in the UK about 34 so the
 

00:14:00.079 --> 00:14:03.849 align:start position:0%
it's around 45 in the UK about 34 so the
UK<00:14:00.289><c> has</c><00:14:01.279><c> a</c><00:14:01.339><c> more</c><00:14:01.879><c> even</c><00:14:02.509><c> distribution</c><00:14:02.709><c> than</c><00:14:03.709><c> the</c>

00:14:03.849 --> 00:14:03.859 align:start position:0%
UK has a more even distribution than the
 

00:14:03.859 --> 00:14:08.499 align:start position:0%
UK has a more even distribution than the
USA<00:14:05.229><c> but</c><00:14:06.229><c> a</c><00:14:06.259><c> less</c><00:14:06.709><c> even</c><00:14:07.129><c> distribution</c><00:14:07.819><c> than</c><00:14:08.359><c> in</c>

00:14:08.499 --> 00:14:08.509 align:start position:0%
USA but a less even distribution than in
 

00:14:08.509 --> 00:14:12.369 align:start position:0%
USA but a less even distribution than in
most<00:14:08.720><c> European</c><00:14:09.319><c> societies</c><00:14:11.379><c> income</c>

00:14:12.369 --> 00:14:12.379 align:start position:0%
most European societies income
 

00:14:12.379 --> 00:14:14.849 align:start position:0%
most European societies income
distribution<00:14:12.589><c> changes</c><00:14:13.429><c> over</c><00:14:13.699><c> time</c><00:14:13.909><c> also</c><00:14:14.179><c> for</c>

00:14:14.849 --> 00:14:14.859 align:start position:0%
distribution changes over time also for
 

00:14:14.859 --> 00:14:17.529 align:start position:0%
distribution changes over time also for
example<00:14:15.859><c> in</c><00:14:15.949><c> much</c><00:14:16.129><c> of</c><00:14:16.279><c> Eastern</c><00:14:16.609><c> Europe</c><00:14:16.939><c> the</c>

00:14:17.529 --> 00:14:17.539 align:start position:0%
example in much of Eastern Europe the
 

00:14:17.539 --> 00:14:20.259 align:start position:0%
example in much of Eastern Europe the
end<00:14:17.659><c> of</c><00:14:17.839><c> communism</c><00:14:18.259><c> in</c><00:14:18.559><c> the</c><00:14:18.589><c> early</c><00:14:18.979><c> 1990s</c><00:14:19.909><c> led</c>

00:14:20.259 --> 00:14:20.269 align:start position:0%
end of communism in the early 1990s led
 

00:14:20.269 --> 00:14:21.969 align:start position:0%
end of communism in the early 1990s led
to<00:14:20.479><c> the</c><00:14:20.569><c> development</c><00:14:20.869><c> of</c><00:14:21.350><c> a</c><00:14:21.439><c> market</c><00:14:21.889><c> economy</c>

00:14:21.969 --> 00:14:21.979 align:start position:0%
to the development of a market economy
 

00:14:21.979 --> 00:14:24.369 align:start position:0%
to the development of a market economy
where<00:14:22.939><c> people</c><00:14:23.209><c> could</c><00:14:23.359><c> earn</c><00:14:23.479><c> large</c><00:14:23.839><c> sums</c><00:14:24.199><c> of</c>

00:14:24.369 --> 00:14:24.379 align:start position:0%
where people could earn large sums of
 

00:14:24.379 --> 00:14:26.759 align:start position:0%
where people could earn large sums of
money<00:14:24.439><c> producing</c><00:14:24.919><c> what</c><00:14:25.399><c> people</c><00:14:25.759><c> wanted</c>

00:14:26.759 --> 00:14:26.769 align:start position:0%
money producing what people wanted
 

00:14:26.769 --> 00:14:29.229 align:start position:0%
money producing what people wanted
others<00:14:27.769><c> were</c><00:14:27.889><c> in</c><00:14:28.009><c> a</c><00:14:28.100><c> position</c><00:14:28.279><c> to</c><00:14:28.699><c> buy</c><00:14:28.879><c> state</c>

00:14:29.229 --> 00:14:29.239 align:start position:0%
others were in a position to buy state
 

00:14:29.239 --> 00:14:31.059 align:start position:0%
others were in a position to buy state
assets<00:14:29.689><c> very</c><00:14:29.929><c> cheaply</c><00:14:30.229><c> and</c><00:14:30.619><c> earn</c>

00:14:31.059 --> 00:14:31.069 align:start position:0%
assets very cheaply and earn
 

00:14:31.069 --> 00:14:33.630 align:start position:0%
assets very cheaply and earn
considerable<00:14:31.850><c> profits</c>

00:14:33.630 --> 00:14:33.640 align:start position:0%
considerable profits
 

00:14:33.640 --> 00:14:36.810 align:start position:0%
considerable profits
as<00:14:33.880><c> a</c><00:14:34.420><c> result</c><00:14:34.930><c> of</c><00:14:35.170><c> these</c><00:14:35.260><c> changes</c><00:14:35.550><c> the</c><00:14:36.550><c> Gini</c>

00:14:36.810 --> 00:14:36.820 align:start position:0%
as a result of these changes the Gini
 

00:14:36.820 --> 00:14:40.680 align:start position:0%
as a result of these changes the Gini
index<00:14:37.030><c> is</c><00:14:37.570><c> around</c><00:14:38.290><c> 10</c><00:14:38.710><c> points</c><00:14:39.190><c> higher</c><00:14:39.570><c> than</c><00:14:40.570><c> it</c>

00:14:40.680 --> 00:14:40.690 align:start position:0%
index is around 10 points higher than it
 

00:14:40.690 --> 00:14:46.050 align:start position:0%
index is around 10 points higher than it
was<00:14:40.900><c> then</c><00:14:42.840><c> in</c><00:14:43.840><c> the</c><00:14:44.770><c> last</c><00:14:44.950><c> of</c><00:14:45.220><c> our</c><00:14:45.340><c> films</c><00:14:45.730><c> we'll</c>

00:14:46.050 --> 00:14:46.060 align:start position:0%
was then in the last of our films we'll
 

00:14:46.060 --> 00:14:47.580 align:start position:0%
was then in the last of our films we'll
return<00:14:46.420><c> to</c><00:14:46.600><c> the</c><00:14:46.780><c> subject</c><00:14:46.960><c> of</c><00:14:47.410><c> the</c>

00:14:47.580 --> 00:14:47.590 align:start position:0%
return to the subject of the
 

00:14:47.590 --> 00:14:49.890 align:start position:0%
return to the subject of the
distribution<00:14:48.220><c> of</c><00:14:48.280><c> income</c><00:14:48.460><c> and</c><00:14:48.850><c> see</c><00:14:49.690><c> some</c>

00:14:49.890 --> 00:14:49.900 align:start position:0%
distribution of income and see some
 

00:14:49.900 --> 00:14:51.630 align:start position:0%
distribution of income and see some
other<00:14:50.020><c> aspects</c><00:14:50.590><c> of</c><00:14:50.680><c> it</c><00:14:50.830><c> because</c><00:14:51.310><c> it's</c><00:14:51.460><c> very</c>

00:14:51.630 --> 00:14:51.640 align:start position:0%
other aspects of it because it's very
 

00:14:51.640 --> 00:14:54.600 align:start position:0%
other aspects of it because it's very
important<00:14:52.330><c> to</c><00:14:52.720><c> social</c><00:14:53.080><c> scientists</c><00:14:53.680><c> but</c>

00:14:54.600 --> 00:14:54.610 align:start position:0%
important to social scientists but
 

00:14:54.610 --> 00:14:56.700 align:start position:0%
important to social scientists but
already<00:14:55.030><c> you</c><00:14:55.300><c> can</c><00:14:55.510><c> see</c><00:14:55.780><c> that</c><00:14:56.320><c> our</c><00:14:56.470><c> knowledge</c>

00:14:56.700 --> 00:14:56.710 align:start position:0%
already you can see that our knowledge
 

00:14:56.710 --> 00:14:59.250 align:start position:0%
already you can see that our knowledge
of<00:14:57.010><c> statistics</c><00:14:57.640><c> enables</c><00:14:58.630><c> you</c><00:14:58.750><c> to</c><00:14:58.780><c> grasp</c>

00:14:59.250 --> 00:14:59.260 align:start position:0%
of statistics enables you to grasp
 

00:14:59.260 --> 00:15:01.200 align:start position:0%
of statistics enables you to grasp
concepts<00:14:59.980><c> which</c><00:15:00.520><c> would</c><00:15:00.730><c> be</c><00:15:00.880><c> impossible</c>

00:15:01.200 --> 00:15:01.210 align:start position:0%
concepts which would be impossible
 

00:15:01.210 --> 00:15:16.530 align:start position:0%
concepts which would be impossible
otherwise

00:15:16.530 --> 00:15:16.540 align:start position:0%
 
 

00:15:16.540 --> 00:15:18.600 align:start position:0%
 
you