(Roughly) Daily

Posts Tagged ‘summer

“An imbalance between rich and poor is the oldest and most fatal ailment of all republics”*…

… so, how we measure it matters…

In 2015, Greece, Thailand, Israel, and the UK were equally unequal. That is, all four countries had the same Gini coefficient, a common measure of income inequality.

The number suggests that the spread of incomes in the four nations was the same. However, a close look at the poorest and wealthiest in those societies reveals a very different picture. The ratio between income held by the richest 10% and the poorest 10% ranged significantly, from 13.8 in Greece to 4.2 in the UK. 

The fact is, just because the Gini coefficient is so well known doesn’t mean it’s a particularly useful measurement. Its appeal comes from its simplicity—a number between 0 and 1 that can encapsulate a complex distribution in a single figure—as well as its popularity. It is also regularly published and updated by powerful international organizations like the OECD, the World Bank, and the International Monetary Fund

However, it has a number of serious limitations. So many, in fact, that the World Inequality Database, one of the world’s leading sources of income inequality data, steers clear. And it’s not alone. While some economists defend the Gini coefficient’s continued use, most agree that as a way to understand income inequality, it’s insufficient on its own…

A primer on the dominant measure of economic inequality, and on some alternatives/supplements to it: “Gini coefficient: An introduction.”

* Plutarch

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As we aim to understand, we might note that today is the Summer Solstice, the day on which the earth’s north pole is maximally tilted toward sun, and there are more hours of daylight than on any other day of the year (in the Northern Hemisphere; in the Southern, it is the Winter Solstice, the shortest day). The June solstice is the only day of the year when all locations inside the Arctic Circle experience a continuous period of daylight for 24 hours. And perhaps more immediately, it is the “official” start of Summer.

(The 21st is the traditional date; in the event, the solstice falls on the 20th, 21st, or 22nd– this year, on the 20th… still, the traditional date is the one folks tend to mark.)

Not coincidentally, today is also National Daylight Appreciation Day.

source

Those lazy hazy crazy days of summer…

Ladies and gentlemen, meet the talented Mr. Grant Snider, more of whose wonderful work can be found at Incidental Comics (and copies of whose nifty drawing can be had here).

As we allow ourselves a little more ambition in crafting our vacation plans, we might recall that it was on this date in 1870 that the first section of the Atlantic City Boardwalk opened along the New Jersey beach.  An extension of a development begun in the 1850s by Dr. Jonathan Pitney and civil engineer Richard Osborne, the Boardwalk became the marque feature of Atlantic City– which, with its beautiful beaches, fresh sea air, luxurious hotels, fine restaurants, alluring shops, and a connecting railroad line from Camden, New Jersey, became a summer resort and winter health spa that drew visitors from all over the world.

Rolling Chairs on the Boardwalk (source: Library of Congress)

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