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People of lower socio-economic status (SES) have much worse health outcomes (Marmot (1999), Smith (1999)). But why this is so remains under considerable debate ((Adams et al. (2003), Deaton (2003)). A central question is whether these large differences in health by such SES indicators as income or wealth largely reflect causation from SES to health. But even if SES mainly affects health, what dimensions of SES actually matter — financial aspects such as income or wealth or non-financial dimensions like education?

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