The Hoover Index is a measure of economic inequality that is calculated as the sum of the absolute differences between the incomes of all pairs of individuals in a population, divided by the total income of the population.

The Hoover Index ranges from 0 to 1, with 0 representing perfect equality and 1 representing perfect inequality.

The formula for the Hoover Index is $$H = \frac{1}{N^2}\sum_{i=1}^N\sum_{j=1}^N|y_i - y_j|$$, where N is the number of individuals in the population and y_i is the income of individual i.

A Hoover Index of 0 indicates perfect equality, meaning that all individuals in the population have the same income.

A Hoover Index of 1 indicates perfect inequality, meaning that one individual in the population has all of the income and all other individuals have no income.

South Africa has the highest Hoover Index, indicating the highest level of economic inequality in the world.

Denmark has the lowest Hoover Index, indicating the lowest level of economic inequality in the world.

The Hoover Index has increased over time, indicating that economic inequality has increased over time.

Economic inequality is caused by a variety of factors, including differences in education, skills, and opportunities.

Economic inequality can lead to a variety of negative consequences, including social unrest, political instability, and economic stagnation.

There are a variety of policies that can be used to reduce economic inequality, including progressive taxation, social safety nets, and investment in education and skills training.

Economic inequality is a problem because it can lead to a variety of negative consequences, including social unrest, political instability, and economic stagnation.

Individuals can help to reduce economic inequality by supporting policies that reduce economic inequality, donating to charities that help people in need, and volunteering their time to help people in need.

The future of economic inequality is uncertain. It is possible that economic inequality will continue to increase, decrease, or remain the same.

There is no single solution to reducing economic inequality. A combination of policies, including increasing the minimum wage, providing free education and healthcare, and breaking up large corporations, is likely to be necessary.