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Vaniver comments on The Market for Lemons: Quality Uncertainty on Less Wrong - Less Wrong Discussion
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There are three different variables: income, consumption, and wealth, which confuse any discussion of economic class. Someone who is high-income, high-consumption, and low-wealth is probably working >40 hours a week at a professional job and worried about money, but also might be driving a fancy car and living in an expensive house.
In terms of life satisfaction, I get the sense that the primary variable that matters is wealth, but in terms of social status (for most groups), the primary variable that matters is consumption.
All true, but I wasn't trying to construct some sort of a comprehensive social stratification scheme. It's really just a quick list of what I mean when I'm using certain words.