iron law of wages

American  

noun

Economics.

1. the doctrine or theory that wages tend toward a level sufficient only to maintain a subsistence standard of living.

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Etymology

Origin of iron law of wages

First recorded in 1895–1900

Example Sentences

Think more supply and demand and less iron law of wages.

From Economist • Dec. 18, 2013

David Ricardo worked out what became known as the "iron law of wages."

From Time Magazine Archive

The supposed iron law of wages has been proved untrue, so far as labor in civilized countries is concerned.

From Proposed Roads to Freedom by Russell, Bertrand

Economists were demonstrating their "law of supply and demand" and their "iron law of wages" as capable in themselves of regulating all the conditions and relations of business life.

From The business career in its public relations by Shaw, Albert

There is, therefore, no such thing as an "iron law" of wages, any more than there is an "iron law" of prices for other commodities.

From Socialism A Summary and Interpretation of Socialist Principles by Spargo, John