The Global Economy & Wellbeing
Australia GDP per capita and life expectancy
From 1800 – 1870 the GDP p.c. grew from 1000 to 8000, however the life expectancy stayed roughly 35 years old
From 1870 – 1940 the GDP grew to 16k p.c. but the life expectancy rose to 65
The life expectancy now is 85 and our GDP p.c. is 55k
From 1800 – 1870 the GDP grew a lot but the life expectancy stayed the same
From 1870 to now the life expectancy has risen a lot but the GDP growth rate has slowed
Solomon Islands GDP per capita and life expectancy
In 1800 – 1930 the life expectancy stayed around 25
The GDP p.c. grew from 500 to 1000
From 1930 to 2022 the life expectancy rose to just below 60 however the GDP only grew to 2000
Australia daily income and life expectancy
From 1800 – 1870 our daily income increased a lot, from $1 - $10 however our life expectancy did not change from 35
From 1870 – 1930 our life expectancy increased a lot, however our daily income did not increase a lot
Interestingly, during the war our daily income increased from $17 - $21
Since '46, our life expectancy and daily income have increased
Solomon Islands daily income and life expectancy
Small decrease in population from 1800 – 1930 however an increase in daily income from under $1 to almost $1.5
Life expectancy peak in 1941 at just over 30 before dropping back to 25
Huge increase in life expectancy from '43 to '49 from 25 to 42, income rose to $2
Slow increase in life expectancy from 42 to 57
Daily income peaked in 1995 with $4.45 per day
Dropped to under $3 during the 2000's
Life expectancy at peak in 2022 with just under 60, daily income at $3.45
The Gini Coefficient and the Lorenz Curve
Gini coefficient shows the income inequality for a nation.
X axis shows the cumulative % population
Y axis shows the cumulative % of income
A perfectly equal nation would have perfectly straight lines
The lorenz curve shows the measure of income inequality
The area between the straight and curved line is the Gini coefficient, which is the % of income inequality
A Gini coefficent of 0 is complete income equality, while a Gini coefficient of 1 means complete income equality, this can be represented on a scale of 0-100 as well