![]() ![]() We start by looking at income-based definitions, before turning to those focused on wealth, and briefly discussing other related approaches. This is partly for convenience, since data on income are widely available, and partly because income tends to be highly correlated with the other trappings of social class, such as economic security, education levels, and consumer preferences. Class = CashĮconomists tend to favor class definitions that are based on financial indicators, especially on income. We examine a range of approaches under each of these three broad headings, occasionally suggesting ways in which their selection can influence research findings and/or policy priorities. Aspiring to college or having a saver mentality are likely to lead to a bigger bank balance, and so on.īut it is important to be as clear as possible about which of these three broad approaches we are adopting for a particular purpose, especially when it comes to policy. People doing jobs with a certain social status are likely to define themselves as middle class. Levels of education, for example, are highly correlated with income (through earnings), and becoming more so. These definitions will of course overlap with and reinforce each other. Culture: attitudes, mindset, behavior, self-definition. ![]()
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