Abstract
Over the years, the persistent rise in inequality has gained prominence in literature due to its adverse effects on economic growth and development. Inequality has been measured through highly aggregated measures also known as objective measures of inequality. These include the Gini coefficient, Theil’s index, the coefficient of variation, the standard deviation of logarithms, and the Palma ratio. However, an analysis of these measures has raised a few concerns. For instance, while objective measures are necessary, they are not adequate to comprehend the unintended consequences of inequality. As such, recent studies have attempted to extend the investigation from objective measures to subjective measures of inequality...
M.Com. (Development Economics)