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Iron law of wages
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 Marx's 1875
Critique of the Gotha Programme
), the idea to
Thomas Malthus
's
An Essay on the Principle of Population
,
and the terminology to
Goethe
's "great, eternal iron laws" in
Das Göttliche
.
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