Iron law of wages Guide, Meaning , Facts, Information and Description
The iron law of wages is the argument that wages "naturally" tend towards a minimum level corresponding to the subsistence needs of the workers.The title of a pamphlet published in 1817 by the classical economist David Ricardo it was later adopted by Karl Marx and influenced his early pessimistic views about the possibility of workers benefiting from capitalism.
The Austrian School replied that value was dependent on the value that labor brought to the entrepreneur rather than any endless supply of labor.
David Ricardo: The Iron Law of Wages This is an Article on Iron law of wages. Page Contains Information, Facts Details or Explanation Guide About Iron law of wages External link