1. The text distinguishes between owners and employees based on their sources of income and their roles in the economy. Owners are individuals who possess significant wealth, primarily derived from investments such as stocks, bonds, and property. For example, a wealthy stockholder in a large corporation would be considered an owner. Employees are individuals who earn their living through wages or salaries by working for someone else. An example of an employee might be a factory worker or a corporate manager who receives a salary.
  2. Adam Smith’s quote suggests that labor has more value in the economy than money. The labor behind a product determines its true value in society because while money can fluctuate in value, the actual work done to create goods remains a constant standard for measuring their worth.
  3. Heidman emphasizes that class is a relational and structural concept that influences access to resources, opportunities, and power rather than the common notion that social class is merely a label individuals adopt. It’s about how economic factors shape experiences and realities, rather than a mere self-identification based on income or occupation. I do agree with this point. Social class is primarily based on economic factors surrounding ones life rather than where they feel like they socially belong.
  4. The phrase “class structures are built around a close form of dependency” refers to the intricate ways in which different classes rely on one another within the economy. For instance, the working class depends on the owning class for employment, while the owning class relies on the labor of the working class to generate profits. A clear example of this dependency can be seen in the relationship between factory workers and corporate owners. Factory workers provide the labor necessary for production, while owners provide the jobs and the means of production.

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