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Socioeconomic status is an important source of health inequity, as there is a very robust positive correlation between socioeconomic status and health. This correlation suggests that it is not only the poor who tend to be sick when everyone else is healthy, but that there is a continual gradient, from the top to the bottom of the socio-economic ...
Illustration from a 1916 advertisement for a vocational school in the back of a US magazine. Education has been seen as a key to socioeconomic mobility, and the advertisement appealed to Americans' belief in the possibility of self-betterment as well as threatening the consequences of downward mobility in the great income inequality existing during the Industrial Revolution.
Strictly quantitative economic variables are more useful to describing social stratification than explaining how social stratification is constituted or maintained. Income is the most common variable used to describe stratification and associated economic inequality in a society. [ 9 ]
The top 1% share of wealth was at or below 10% from 1950 to 1987. [81] [169] A conflicting estimate found that they held some 15%. [29] The top 400 Americans had net worth of $2 trillion in 2013, more than the bottom 50%. Their average net worth was $5 billion. [277] The lower 50% of households held 3% of the wealth in 1989 and 1% in 2013.
Economic inequality is an umbrella term for a) income inequality or distribution of income (how the total sum of money paid to people is distributed among them), b) wealth inequality or distribution of wealth (how the total sum of wealth owned by people is distributed among the owners), and c) consumption inequality (how the total sum of money spent by people is distributed among the spenders).
Ivy-Plus admissions rates vary with the income of the students' parents, with the acceptance rate of the top 0.1% income percentile almost double that of other students. [49] In the United States, a family's socioeconomic status (SES) has a significant impact on the child's education. The parents' level of education, income, and career ...
The two principal models that attempt to explain this relationship are the social causation theory, which posits that socioeconomic inequality causes stress that gives rise to mental illness, and the downward drift approach, which assumes that people predisposed to mental illness are reduced in socioeconomic status as a result of the illness ...
According to Weber, the ability to possess power derives from the individual's ability to control various "social resources". "The mode of distribution gives to the propertied a monopoly on the possibility of transferring property from the sphere of use as 'wealth' to the sphere of 'capital,' that is, it gives them the entrepreneurial function and all chances to share directly or indirectly in ...