Research

The Vast Majority Income (VMI)

November 8, 2007

GDP per capita and the Human Development Index are known measures of development, but are averages and thus conceal wide disparities in the overall population.

As a result, it becomes necessary to either supplement these measures with information on distributional inequality or to directly adjust per capita income and other variables for distributional variations. What is needed, therefore, is a direct measure of the standard of living of the vast majority. In the paper on which this policy note is based, we develop a new measure called the Vast Majority Income (VMI).

Authors: Anwar Shaikh and Amr Ragab  
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