  A society or country with income equally distributed among its people is
truly a fiction! The phenomena of socioeconomic inequalities have been plaguing
mankind from times immemorial. We are interested in gaining an insight about
the co-evolution of the countries in the inequality space, from a data science
perspective. For this purpose, we use the time series data for Gini indices of
different countries, and construct the equal-time cross-correlation matrix. We
then use this to construct a similarity matrix and generate a map with the
countries as different points generated through a multi-dimensional scaling
technique. We also produce a similar map of different countries using the time
series data for Gross Domestic Savings (% of GDP). We also pose a different,
yet significant, question: Can higher savings moderate the income inequality?
In this paper, we have tried to address this question through another data
science technique - linear regression, to seek an empirical linkage between the
income inequality and savings, mainly for relatively small or closed economies.
This question was inspired from an existing theoretical model proposed by
Chakraborti-Chakrabarti (2000), based on the principle of kinetic theory of
gases. We tested our model empirically using Gini index and Gross Domestic
Savings, and observed that the model holds reasonably true for many economies
of the world.
