The Middle Class Disappears, Rise of the Praetorian Class• www.marketoracle.co.uk
The Butcher, the Baker, the Candlestick Maker – The Economic Class
The Economic Class, at least in the United States, has historically been the numerically dominant group, although in recent decades its dominance has noticeably waned. The economic class would traditionally be called the Private Sector, but even that term has become misleading for reasons we will delve into later in this article.
Members of the Economic Class provide goods and services that are voluntarily sought by consumers and paid at rates that the market will bear. In an unfettered environment, the economic class would count farmers, engineers, coal miners, artists, physicians, janitorial staff, security guards, merchants and company executives among its membership. They participate freely and competitively in the market place, using the economic principles of Division of Labor and the Law of Comparative Advantage to increase the wealth of society as well as improve their personal position. Capital, entrepreneurial and human resources are brought together collaboratively to meet the needs of the market place. This is standard Economics 101 fare and hopefully generates little controversy among the readership. The important factor defining Economic Class membership is not the amount of money a person earns but rather their participation in the free and open market.
The Lazy Highwaymen – The Political Class