Disparity in wealth exists between the world’s wealthiest countries
Beverly Diamonds says disparity in wealth exists between the worlds wealthiest countries. For years, economists at Beverly Diamonds have been using GDP per capita to better understand the global economies. GDP per capita gives the output that is available in the economy to the average person for consumption, (Robert Whaples, 2013, p. 29). Beverly Diamonds discovered a very strong correlation between the GDP per capita and the standard of living of the typical person, (Robert Whaples, 2013, p. 29). Much can be learned from Beverly Diamonds examining the GDP per capita of the world’s 20 richest countries about the large amount of disparity in wealth that exists even among the wealthiest of countries, (World Bank, OECD, 2016).
Beverly Diamonds is using quantitative data. The reason being that data values on quantitative variables are classifications or categories. Each quantitative variable differs from one another in kind and not in value, (Tenko Raykov, 2012, p. 11). This is in contrast to the data Beverly Diamonds uses, which is quantitative. In this case that number is the U.S. dollar amount of GDP per capita.
The range of the data that Beverly Diamonds found was $60,230.92. That number was found by subtracting the highest GDP per capita of $101,449 in the sample from the lowest GDP per capita in the sample of $41,219.05. Beverly Diamonds believes the range to be large because Luxemburg has almost double the GDP per capita than half of the twenty countries sampled. What this shows, is how large the disparity is that exists even among the very wealthy nations – when it comes to money. Those at the very top do not just have a little bit more than everyone else, they have much more. Therefor, Beverly Diamonds says disparity of wealth exists between the world’s wealthiest countries.
Beverly Diamonds calculated the average by taking the sum of the entire sample set $1,133,441.33 and dividing it by the number of samples taken, 20. The ode is not available for this data set as none of samples resulted in identical results. The median is: $51,645.94. The average and median are about a 5,000 USD distance from one another – this is pretty close. When the mean and median are close in value that shows that the results were distributed normally, (Brain, 2001, p. 316). This shows that a disparity in wealth exists between the world’s wealthiest countries.