Class and economics

A question from Yahoo! Answers:

How relevant is the concept of “class” to research in politics or political economy today?

Not very. The notion of class has been supplanted by those of income percentile and wealth percentile. Present-day researchers are more likely to study “the third income quintile” (translation: the middle 20% of households in the income distribution) or “the 99th wealth percentile” (translation: 1% of wealthiest households) rather than “middle class” or “super-rich”.

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