Income inequality in Howard County, part 1
(This is part 1 of a two-part post; for the conclusion see part 2.) In a previous post I discussed the concept of median income and how it avoids certain distortions inherent in mean (average) income. However median income by itself is not adequate to characterize the economic status of households in Howard County (or anywhere else for that matter). In particular, the median income just provides the “midpoint” for income, i.e., the income value for which 50% of the households make more and 50% make less; it does not address the question of how income is actually distributed among the various households. ...