Lower, upper classes best defined by risk-taking imo. Lower because they must, upper becuz low marginal utility of $
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It's generally a sociological concept, not economics... based on white-collar work/college education/risk-aversion
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No. It has to be arbitrary. But that's not the problem. Problem is if people get richer, middle can shrink. Silly.
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It need only be arbitrary if you do pure econ. There's sociological structure here.
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@vgr But it's silly. Middle defined as b/w 2/3 of median and double the median. Why is keeping the number in that range good? -
gotta start somewhere... arbitrary boundaries better than no boundaries, worse than definitionally implied boundaries
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@BrooklynBrett@vgr Might not look so rosy w/different cutoff points but it's an example of y you'd want to interpret the Pew#s carefully.Thanks. Twitter will use this to make your timeline better. UndoUndo
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