How does an economist define 'class'?

The issue of class has been in the news a lot lately. From the “Occupy Wall Street Movement” which has snowballed across the country, to “class warfare” accusations coming out of Washington, D.C.

We’ve also heard recent reports that show the nation’s middle class is shrinking while the top earners’ salaries have skyrocketed.

Over the next week and a half, Michigan Radio will explore this idea of “social class” and how it impacts our lives.

What it means to be middle class can be tricky to define, but what’s clear is there’s been a significant class shift in the U.S.

We asked Charley Ballard, professor of economics at Michigan State University, the following question.

From an economist standpoint - how do you define class?