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

Two centuries ago, economist David Ricardo hypothesized “the iron law of wages.”

From Forbes

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

From Economist

Another is Ricardo's "iron law of wages," that wages cannot rise above the cost of living.

From Project Gutenberg

Ricardo, D., law of value,  226; "iron law of wages,"  300;  real theory of wages,  306;  province of Government,  359;  National Bank,  360;  working class annuities,  360;  rent,  477.

From Project Gutenberg

Hand in hand with the extension of industry and the rapid construction of railways and telegraphs came alternations of economic prosperity and crisis, poverty grew, and the workers fought with ever-increasing bitterness against the iron law of wages and against the scanty pay, which hardly allowed the proletariat to eke out a bare subsistence.

From Project Gutenberg