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

See Examples For:

iron law of wages

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

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 John Spargo

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 Bertrand Russell

Usually he asserts that this is because production grows faster than wages, wages being fixed, as he believes, by the minimum of subsistence—a theory akin to the iron law of wages.

From Modern Economic Problems Economics Volume II by Frank Albert Fetter