easy_install is the older one.
pip is the one to use.
-> don't get partially installed packages - pip downloads before installing
-> dont have to be installed as egg archives (similar to a jar file in java)
-> native support for git (There are other source code control programs available)
-> better error messages and more useful output
-> pip has an uninstall command
-> pip is the future
a cool example of using pip and virtualenv (we can recreate someone else's environment for testing):-