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:
“Reading while waiting
for the iron to heat,
writing, My Life had stood—a Loaded Gun—”
—Adrienne Rich (b. 1929)
“The law is a sort of hocus-pocus science, that smiles in yer face while it picks yer pocket: and the glorious uncertainty of it is of more use to the professors than the justice of it.”
—Charles Macklin (1690–1797)
“For the wages of sin is death; but the gift of God is eternal life through Jesus Christ our Lord.”
—Bible: New Testament St. Paul, in Romans, 6:23.