The Gini coefficient is a statistical measure used to represent income or wealth distribution within a population. It ranges from 0 to 1, where 0 indicates perfect equality (everyone has the same income) and 1 signifies perfect inequality (one person has all the income, while others have none). This coefficient helps economists and policymakers assess economic inequality in a society. A higher Gini coefficient suggests greater inequality, while a lower value indicates a more equitable distribution of resources. It is often used in conjunction with other measures, such as the Lorenz curve, to provide a clearer picture of economic disparities.