From Data to Disparity: The Math Behind Income Inequality Measures
Talking about economic developments in a country and overlooking income inequality might be a joke. Hence, in my microteaching, I aim to discuss the economic state of a country based on the calculations of income inequality. The challenge is that 15 minutes might be less; however, my plan to cover inequality despite the time constraint is as follows: I will highlight the learning outcomes, then discuss the concepts of inequality. Using relevant graphs (Lorenz curve, Histogram, and Summary Statistics), I will explain the income distribution using real-life examples. To ensure that students learn what I teach, we will do an activity together. I will provide a summary statistics table with relevant data and students will be required to graph the Lorenz curve and calculate the Gini coefficient which will reveal the extent of income inequality. Calculation of the Gini coefficient is a bit tricky, therefore, I will include a link to a YouTube video that will show how the Gini coefficient c...