WEALTH, INCOME AND THE ECONOMICS OF THE SOCAIL WORLD

Question 1

how do life chances help explain how social class works within families

Answer 1

• The income and other resources of those we are connected to, e.g. parents, influence the life chances of each of us and therefore our class position

Question 2

explain the Social capital theory by Pierre Bourdieu

Answer 2

• SOCIAL CAPITAL = The access to resources one has by virtue of relationships and connections within a social network
• Families are only one such social network - but perhaps the most important one
• Belonging to a group makes it possible for people to draw from the resources held by all of its members
• Ideas and knowledge can be considered resources acquired through a social network e.g. learning how to act in different situations
• Being taught skills in certain kinds of work

Question 3

what is class identity

Answer 3

The awareness of, and sense of belonging to, a specific social class
- With class identity, classes become familiar social settings with distinctive ways of life and patterns of interaction due to similar economic circumstances and experiences
- Class identity is a more durable measure of social class than a fluctuating income - people are raised and socialized according to their family’s class perspectives

Question 4

what is upward mobility

Answer 4

When an individual climbs up the economic ladder

Question 5

what is downward mobility

Answer 5

When an individual’s class position falls

Question 6

what is intergenerational mobility

Answer 6

Change in social class from one generation to the next

Question 7

what consequences does continuous economic equality lead to

Answer 7

1. education - Achievement gap between wealthy students and those with less economic resources - contributes to why many college students fail to earn their degree:
   - High costs of tuition; stresses of managing work, family obligations, and academic demands; Poor advising; Lack of adequate preparation for college-level academic work
2. housing and neighbourhoods - Quality of neighborhoods matter (Disadvantaged? Disorganized?) - Increasing rental and home prices, Decreases in tax-supported housing assistance programs, Policies that favor homeowners over renters, Concentration of ownership among landlords, and a decline in public housing
3. health - Individuals who have higher incomes tend to live longer; healthier lives