Wealth and Income Tuesday 29 th March. Income Wealth.

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Presentation transcript:

Wealth and Income Tuesday 29 th March

Income Wealth

Wealth... The stock of what a person owns or possesses Income... The flow of money a person receives within a given time period

Is income linked to social class?

OccupationTypical annual earnings Commercial QC£750,000 Senior director (big firm)£500,000 Leading hospital consultant£300,000 National newspaper editor£160,000 Solicitor (partner)£100,000 Head teacher (public school)£60,000 GP£40,000 Police chief superintendant£38,000 Primary teacher£20,000 Lorry driver£15,000 Nurse£14,000 Bricklayer£11,000 NHS porter£6, (Sociology in Focus)

Wealth Marketable wealth?? House Car Shares £££ Money £££

Wealth calculated on the basis of the money people receive from their assets Why might rich people try to conceal their true wealth??

Below 60% of median income Below half of median income Source: Social Trends 36 Proportion of people whose income is below median household disposable income

Causes of wealth and income inequality in the UK Differences in pay in different jobs and industries Different levels of skills and education Inheritance

Is wealth linked to class? Wealth is result of inheritance, creation, savings etc... SOCIAL CLASS OCCUPATION WAGE/SALARY ABILITY TO EARN £££ AND SAVE?.... Inheritance?? Shares?? Disposable income??

Functionalism and inequality Inequality is functional for society Potential talent encouraged to develop through education & training Promise of higher incomes Meritocracy! Davis and Moore (1967) inequalities arise from different values placed on various roles by society So many roles in contemporary society = inequality is inevitable!

Marxism and inequality Inequality only exists because some groups exploit others Source of value in society is labour All societies contain groups who do little labour themselves but live off the work of others Ownership of property = £££ Rest of population forced to work to live