The Iron Law of Wages is a proposed law of economics that asserts that real wages always tend, in the long run, toward the minimum wage necessary to sustain the life of the worker. The theory was first named by Ferdinand Lassalle in the mid-nineteenth century. Karl Marx and Friedrich Engels attribute the doctrine to Lassalle (notably in Critique of the Gotha Programme (1875), Marx), crediting the idea to Thomas Malthus in his work, An Essay on the Principle of Population, and the terminology to Goethe's "great, eternal iron laws" in Das Göttliche.
Famous quotes containing the words iron, law and/or wages:
“Trust thyself: every heart vibrates to that iron string.”
—Ralph Waldo Emerson (1803–1882)
“The shallow consider liberty a release from all law, from every constraint. The wise man sees in it, on the contrary, the potent Law of Laws.”
—Walt Whitman (1819–1892)
“I thought a minute, and says to myself, hold on,—s’pose you’d a done right and give Jim up; would you felt better than what you do now? No, says I, I’d feel bad—I’d feel just the same way I do now. Well, then, says I, what’s the use you learning to do right, when it’s troublesome to do right and ain’t no trouble to do wrong, and the wages is just the same?”
—Mark Twain [Samuel Langhorne Clemens] (1835–1910)