There are indicators of socioeconomic well-being, and all these are materially measured. They may all contribute positively to a person’s comfort, convenience, mobility, freedom, and further opportunity in life. On the other hand, these material manifestations are not distributed equally in society. That is why if these provide advantage to one person who has more of them, they may also prove to be disadvantage to someone who has less of them. These measures of socioeconomic well-being are also the benchmarks of inequality in this world.

Income is the opportunity for consumption, and is usually measured in monetary terms since consumption comes at a material cost in what is called consumerism. As a measure of socioeconomic well-being, income’s strength is its beneficial effect on the owner of the income, endowing him with a certain comfortable level of standard of living.

The weakness of income lies in the convenience it gives its owner. Someone with higher income or consistent income not only gets used to his living standards but will aspire for even higher standards. In the process, he will do what it takes to earn more so that he can spend more and consume more.

In the end, income affects a person’s level of contentment. But resources are finite in this world. Someone with more income will hoard more of those limited resources, tipping the balance against those who may not have the income to avail themselves of those resources – but have the same need. Food is a pertinent example that is proportionate to income. While everybody needs nutrition, those who cannot afford to buy more nutritious food end up with poorer health.

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Via LIFE-WALKER