This is a "stock" measure of accumulated assets you own.
How well we live is affected not just by our income each year
but by what we own and can fall back on if income drops.
Standard of living indexes try to measure the economic well-being
of the family or household.
They begin with total income (or sometimes spending)
and adjust for how many (and sometimes what types of) people are in
the family or household.
Hardship measures are a type of standard of living index, but targeted
at some minimally acceptable well-being.
Lack of one or more basic necessities would be considered living in hardship.
Class measures (work):
Occupational status.
Occupations (the U.S. Census lists
503) can be ranked from high to
low on various aspects of status
(e.g., average earnings, perceived prestige).
Work power.
Even detailed status rankings don't capture all that is important about
stratification at work. Some positions confer power over other
workers or over outsiders that have been said to define the major
class division in modern societies.
Employment.
Measuring your occupational status or work authority assumes that you are
working. A more basic measure is whether you have a job or not.
Power:
People also differ on their political power.
Unfortunately, there is no simple way to measure what
types of people have more influence over the government than others.
There are two general strategies:
Government outputs.
We can look at legislation and government activity and make inferences
about what groups have benefited or been hurt.
For instance,
Increases and decreases in the
legal minimum wage are often considered
as victories for the working class.
The share of tax revenues
coming from corporations may index
the rise and fall of corporate power in the government.
Spending on welfare
may be one index of the relative political power of the poor.
Union legislation (the 1935 Wagner Act, the 1949 Taft-Hartley Act)
has often been used to explain the rise and decline of
unions.
(See Geoghegan 1991).
Government inputs.
Others look at people's access to government leaders as a measure
of their political power.
Much of the controversy over campaign finance derives from fears
that campaign contributions guarantee the rich greater access to
political leaders.
Sometimes, we can just count the number of elected officials as an
index of a group's political power: for instance the rising political
power of women or
minorities.