Weber also formulated a three-component theory of stratification, with social class, social status and political party as conceptually distinct elements.[28] The three-component theory of stratification is in contrast to Karl Marx simpler theory of social class that ties all social stratification to what people own. In Weber's theory, issues of honour and prestige are important. This distinction is most clearly described in Weber's essay Classes, Staende, Parties, which was first published in his book Economy and Society.[29] The three components of Weber's theory are: