iron law of wages


noun Economics.

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

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What does “clement” mean?
Also called brazen law of wages.

Origin of iron law of wages

First recorded in 1895–1900

Words nearby iron law of wages

Dictionary.com Unabridged Based on the Random House Unabridged Dictionary, © Random House, Inc. 2020