iron law of wages

noun

, Economics.

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

Word History and Origins

Origin of iron law of wages¹

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

Starting from these principles, the Socialistic Labour Party of Germany seeks by all lawful means to establish a free State and a socialistic society, to break asunder the iron law of wages by the abolition of the system of wage-labour, the suppression of every form of exploitation, and the correction of all political and social inequality.

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