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Objective method is a technique used to rank individuals according to social class in which sociologists define social class in terms of factors such as income, occupational, and education.
The Underclass
The term new money refers to the newly rich. They have acquired wealth through their own efforts not through an inheritance. Old money people look down on the newly rich for their conspicious consumpation.
Sociologists relay on three basic techniques to rank individuals according to social class- the reputational, subjective and objective methods.
Members in this group are families that have experienced unemployment and poverty over several generation. They do work, but usually only at undesirable, low-paying jobs. Their cheif source of income.
Members of this class are primarily high-income business people and professionals. They have college education and advanced degrees. Class memeberships are generally based on income rather than assests. They are career orientated. While also being politically and socially active.
Although the upper class makes up just 1% of the population, it controls a sizable proportion of the country's wealth. The upper class can be divided in two groups- "old money" and "new money"
Reputational method is a techique used to rank individuals according to their social class. This is done by asking individuals in the community to rank other community memebers based on what they know of their characters and life styles.
Subjective method is a techique used to rank individuals according to social class in which the individuals themselves are asked to determine their own social rank.
Some researchers of today identify 3 social classes:
Still others used five-category classification system of upper class, upper middle class, lower middle class, working class, and lower class.
Most individuals hold white collar jobs that doesn't involve manual labor. Many of their jobs require less education and provide lower income. Members of this class live a confortable life but must work to keep what they achieved many hold traditional valves and are politically conservation.
The term new money refers to the fact that these families have been wealthy for generations. The great bulk of their wealth comes from inheritence. The family name and the accomplishments of previous generations are as important as the size of the family fortune.
The Working Poor
Many members hold jobs that require manual labor. These members have traditonally been labeled blue collar jobs. Other working class people hold various service jobs that don't require manual labor. These jobs are sometimes called pink collar jobs cause women have traditionally held them. Many members have few financial reserves.
Members of this group work at the lowest-paying jobs.These jobs are often temporary or seasonal. No matter how hard to poor works, they will barely make a living wage. They depend on government support programs. Most are high-school dropouts and beacuse of lack in education the future prospects are often bleak.