david ricardo developed the concept of an iron law of wages.
david ricardo developed the concept of an iron law of wages.
who developed the concept of an iron law of wages?
david ricardo
iron law









































the term iron law is derived from goethe's "great, eternal iron laws" in his poem "das göttliche," ("on the divine") and may refer to:









































bullet::::- hoffman's iron law, regarding speaker system design









































bullet::::- "iron law" (painting), a 1984 painting by odd nerdrum









































bullet::::- iron law of population, from thomas malthus' "an essay on the principle of population" (1798)









































bullet::::- iron law of wages, from ferdinand lassalle's "subsistence theory of wages" (mid 19th century)









































bullet::::- iron law of oligarchy, from michels' "political parties"









































bullet::::- iron law of performance, posited by joel emer
iron law
socialist critics of lassalle and of the alleged iron law of wages, such as karl marx, argued that although there was a "tendency" for wages to fall to subsistence levels, there were also tendencies which worked in opposing directions. marx criticized the malthusian basis for the iron law of wages. according to malthus, humanity is largely destined to live in poverty because an increase in productive capacity results in an increase in population. marx criticized lassalle for misunderstanding david ricardo. marx also noted that the foundation of what he called "modern political economy" needs, for the theory of value, only for wages to be a given magnitude. he did so in praising the physiocrats.
iron law of wages