[python] correct way to define class variables in Python

I think this sample explains the difference between the styles:

james@bodacious-wired:~$cat test.py 
#!/usr/bin/env python

class MyClass:
    element1 = "Hello"

    def __init__(self):
        self.element2 = "World"

obj = MyClass()

print dir(MyClass)
print "--"
print dir(obj)
print "--"
print obj.element1 
print obj.element2
print MyClass.element1 + " " + MyClass.element2
james@bodacious-wired:~$./test.py 
['__doc__', '__init__', '__module__', 'element1']
--
['__doc__', '__init__', '__module__', 'element1', 'element2']
--
Hello World
Hello
Traceback (most recent call last):
  File "./test.py", line 17, in <module>
    print MyClass.element2
AttributeError: class MyClass has no attribute 'element2'

element1 is bound to the class, element2 is bound to an instance of the class.

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