Abstract
Abstract The iron law of wages is the idea that wages will always tend toward the lowest amount necessary to sustain the workers that is required by a given society. While the phrase “iron law of wages” is usually credited to the German socialist Ferdinand Lassalle, the idea itself may be found much earlier, in the work of David Ricardo and Thomas Malthus. Reference to consistent rules as “iron laws” can be found as early as 1783, in Goethe's “Das Göttliche”.
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