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.

Nearby words

  1. iron gray,
  2. iron grey,
  3. iron guard,
  4. iron hand,
  5. iron horse,
  6. iron lung,
  7. iron maiden,
  8. iron man,
  9. iron meteorite,
  10. iron mold

Origin of iron law of wages

First recorded in 1895–1900

Also called brazen law of wages. Unabridged Based on the Random House Unabridged Dictionary, © Random House, Inc. 2019