The Gini Coefficient Is Dumb

One of the stupider concepts/preoccupations in economics is something called the Gini coefficient. Bloomberg News columnist William Pesek has a bit of an obsession with it, and redistributionists the world over - from guilt-ridden rich Westerners, to cash-hungry/graft-seeking/opportunist leaders of developing nations - love them some Gini coefficient.

But it's stupid. I know that is not a high form of argumentation, but it is simply the case - the Gini Coefficient is stupid (see my above link). Mark Perry has some graphs today to illuminate the point further. Take a look and tell me if you think the Gini Coefficient is something we should be worrying about. Great emphasis tying the GC to Mencken's hobgoblins.