You are seeing Ask web results for iron law of wages.
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The Iron Law of Wages, is an alleged law of economics that asserts that real wages always tend, in the long run, toward the minimum wage necessary to sustain the life of the worker. ... The content of the iron law of wages has been attributed to economists writing earlier than Lassalle. For example, Antonella Stirati[3]
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These, then, are the laws by which wages are regulated, and by which the happiness of far the greatest part of every community is governed. Like all other contracts, wages should be left to the fair and free competition of the market, and should never be controlled by the interference of the legislature.
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From David Ricardo. On Wages ... A rise in wages, from an alteration in the value of money, produces a general effect on price, and for that reason it produces no real effect whatever on profits. ... Modern History Sourcebook: David Ricardo: The Iron Law of Wages, 1817...
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Subsistence theory of wages - Wikipedia, the free encyclopedia
The Subsistence Theory of Wages , also known as the Iron Law of Wages , was a law of economics that asserted that real wages in the long run would tend toward the value needed to keep the workers'...
en.wikipedia.org/wiki/Subsistence_theory_of_wages |
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Iron law of wages has its roots in the work of classical economists, although the term was first used by German political economist FERDINAND LASSALLE (1825-1864). It postulates that wages will always revert to subsistence levels.
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It was devised by earlier authors, had long since been known under the label of the "iron law of wages" and had already been thoroughly refuted before Marx employed it as the foundation of his doctrine. Marx chose to ignore all that had been said to show the viciousness of the reasoning implied in this alleged law.
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Ricardo's theory, which eventually became known as the 'Iron Law of Wages, maintained that the wages of labourers should be kept at the lowest possible ...
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The Iron Law of Wages (1817) ... Ricardo's theory, which eventually became known as the 'Iron Law of Wages, maintained that the wages of labourers should be kept at the lowest possible level because their high rate of reproduction ensured a surplus supply of labour.
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Nonetheless, they charge that in analyzing the objective impact of globalized production on living standards, and the incapacity of the trade unions to sustain even the most basic interests of the working class, the International Committee has reverted to the "iron law of wages" and abandoned a "basic Marxist position."
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