Economic Concepts

What is Alienation?

Alienation Alienation is a concept theorised and popularized by Karl Marx as a part of his critique of the capitalist system. It occurs when workers create a “product, result or Institution that then escapes the control of the individuals involved in the creation” (Kain, 1993, p. 122). Marx believed that alienation was so crucial and […]

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GDP-Gross Domestic Product

GDP-Gross Domestic Product GDP or Domestic Product is the measure of economic activity within the geographic confines of a country, within a particular period of time, often a year (Bondarenko, 2017). Gross Domestic Product is generally used to measure the size of an economy, and when divided by the population of a country, it becomes

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Gini Coefficient

Gini Coefficient Named after the Italian statistician who developed the measure, the Gini Coefficient is a statistical measure of income inequality developed by Corrado Gini in 1912. Working off of Max Lorenz’s Lorenz curve, Gini developed a way to measure the inequality in the distribution of income. The Lorenz curve is a hypothetical diagonal straight

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