Both Thomas Malthus and David Ricardo, who described the "iron law of wages," linked poverty to:

History

1 answer:

Olegator [25]8 months ago

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Both Thomas Malthus and David Ricardo, who described the "iron law of wages," linked poverty to capitalist greed.

The iron law of wages is a proposed economic law that states that real wages always tend, in the long run, toward the minimum wage required to sustain the worker's life. Ferdinand Lassalle named the theory in the mid-nineteenth century. The doctrine is attributed to Lassalle by Karl Marx and Friedrich Engels.

It was coined in response to classical economists' views, such as David Ricardo's rent law and Thomas Malthus' competing population theory. It held that as the working population increased, the market price of labour would always, or almost always, decrease, and vice versa.

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