Important Curves & Graphs in Economics
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Kuznets Curve
- A Kuznets curve is a graphical representation of market forces and income as and when an economy develops. The Kuznets curve was first developed by economist Simon Kuznets in the 1950s and 1960s.
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Lorenz Curve
- it is a graphical representation of the distribution of income or wealth. The Lorenz curve was developed by Max O. Lorenz in 1905.
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Gini Coefficient
- The Gini coefficient measures income inequality, ranging from 0 (perfect equality) to 1 (perfect inequality).
