- What is the distinction that Reading 4.3 makes between owners and employees? Give an example of each.
In Reading 4.3, the distinction between owners and employees is the range of income between both social classes. Owners are normally of the upper social class, and they live off investments, stocks, bonds, rents, royalties, and other property income. They can be stockholders of giant corporations and the proprietors of small stores. Their incomes are very large, and they come from the labor of others who work for them. Employees are the factory and service workers; they can also include professionals and managers. They live off their salaries and wages earned from working for others.
2. How do you understand the quote by Adam Smith on pg. 28? What is it saying about labor?
I understand the quote by Adam Smith to mean that labor makes any commodity more expensive. Labor is what we are all paying for, and the more labor put into the commodity, the more valuable it becomes.
3. What are your thoughts on the main argument of Reading 4.4 that class is NOT an identity?
I do not think class is an identity because social classes do not depict an individual’s interests, tastes, attitudes, and/or views. I think some people can look at social classes and believe that they act a certain way or fall under a certain status, such as upper wealthy class are part of high society being considered elite, but I don’t think it is an identity, I think it’s more of a preconception.
4. How do you understand the argument Reading 4.4 makes when stating that “class structures are built around a close form of dependency?” What is this close form of dependency, and can you think of an example?
I understand the argument Reading 4.4 is making is that “class structures are built around a close form of dependency,” to means that the different economic classes depend on one another to work. The upper class depends on making its money off the working class’s labor, and the working class depends on the work offered by the upper classes to gain income.
