SOC 203 Lecture Notes - Lecture 5: Social Class, Human Capital, Frank Stronach
6 Aug 2016
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Document Summary
Social class mobility shows the degree of inequality from opportunity in society. Allows us to measure degree of ascriptions effects on one"s social position. Bottom of quintile has remained relatively unchanged. This means poor didn"t get rich or poorer. Therefore biggest share of income growth goes to rich. Their income is higher because of their position. (social class/status/economic class) Canada"s top 1% minimum earnings for top categories (2010, 2011) About 300,000 canadians are in top 1% 50% have university degrees, work in medicine, dentistry, law, engineering, business, finance, etc. Loss of higher paid low end jobs(manufacturing) due to cheap imports. Decline in unionization, stagnation of minimum wage, falling tax rates, national policies that favour the rich. Largest part of wealth comes from financial assets (57%) and real estate ( 36%) Information on wealth comes from surveys (which all suffer from error) Wealth that gets passed from generation to generation. Rich parents invest in their children"s human capital, ensuring future inequality.
