3 ms·
The point is that although income is not a perfect proxy for the nuanced thing that we mean by "socioeconomic class", it is a better proxy than net worth is.
by hollerith 2y ago
The point is that although income is not a perfect proxy for the nuanced thing that we mean by "socioeconomic class", it is a better proxy than net worth is.
- hiatus 2y agoWhy is it better if it can't account for things like inherited wealth? Are the descendants of billionaires not upper class at birth, with no income?
- hollerith 2y agoIt does account for the person who inherited $10 million or more because $10 million throws off at least $300,000 a year in reliable investment income, making that person upper class according to the income proxy.