2a. In comparing the United States with Norway, we saw that Norway had a higher per capita GDP than the United States and the Gini
2a. In comparing the United States with Norway, we saw that Norway had a higher per capita GDP than the United States and the Gini coefficient (measure of income inequality) was lower for Norway than for the United States. What are the implications of this information in terms of standard of living and income distribution? Note: don't just state that Norway's standard of living is higher but explain in terms of the components that make up per capita GDP and how this relates to the concept of standard of living. b. Explain how the difference in values of the Gini coefficient may reflect each countries attitude towards fairness (be careful - it cannot be said that one country has a fairer distribution of income than the other)
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