Question

How is social class more than economic factors

Answer 1

‘Class’ – a term that has been predominant in our society for hundreds of years now, is one of the critical factors that determine or economic dependence and social status. Class is not only a status determinant, but it is a major determinant of economies of scale and individual’s overall development in a society. It has been argued lately that Social class has been more dominant in determining the stability and economic development of an individual than the economic factors. Let us argue some of the reasons why this argument is a red-hot debate currently.

                                   The overall economic and social development of an individual or a society is predominantly adjudged by the physical status of the individual or of the society as a whole. This physical status is one of the types of social class. When we measure the status of physic, we determine the health conditions and the feasibility of the individual to continue surviving at a healthy state in the future. It has been observed that people of the socially higher class have more access to the feasibility to maintaining a better physical condition. The mentality of an individual is molded by the set standards of the people in a class, and in order to attain the similar standard, an individual utilizes the economic variables to reach the level of fitness. Therefore, it is the social class which drives the economic factors.

                                 It has been observed that, in spite of possessing the same amount of capital availability, an individual with a better mental health with invest the capital with a greater degree of assertion which would finally provide him with the highest level of satisfaction. Therefore, it is evident that, mere possession of the economic factors is not enough to attain sustainable development. It is the social status and mental health of an individual which drives the optimal allocation of capital resources towards the maximum satisfaction level.

Another critical determinant of the overall economic development of an individual is the family life of the individual. It is seen that an individual who do not posses a good family and the family environment is prone to unsecured economic decisions a compared to an individual who has a family to attain the sustainable decision for. This social class or factor is a critical condition for determining the mental stature of an individual and therefore his future economic decisions. The economic decisions taken by an individual are critical for attainment of individual and social development.

Another critical social class that determines the overall economic and social development of the nation is the level of education of the individual. Education is one of the primary and decisive factors which determine the economic decisions taken by the individual. Education brings along with the ability to judge between right and wrong, between economically viability and economically vulnerability. This decision-making ability of the individual guides him in taking economically critical decisions which determine the feasibility of the capital investment and how the capital should be allocated in the society. This allocation becomes the basis for the overall development of the economy.