What's the difference between GDP and Gini index?
GDP and Gini index are both important measures of economic activity, but they are fundamentally different concepts.
GDP (Gross Domestic Product) is a measure of the total economic output of a country over a given period of time, usually a year. It represents the monetary value of all goods and services produced within a country's borders, regardless of who owns the factors of production (such as labor and capital).
The Gini index, on the other hand, is a measure of income inequality within a population. It is calculated based on the distribution of income among individuals or households in a country, and ranges from 0 (perfect equality) to 1 (perfect inequality). A higher Gini index indicates greater income inequality, while a lower Gini index indicates a more equal distribution of income.
While GDP measures the overall size of an economy and its ability to produce goods and services, the Gini index provides information on how equitably the benefits of that economic activity are distributed among the population. In other words, GDP measures the output of the economy, while the Gini index measures the distribution of the benefits of that output