Philosophies and Ideologies 1750 to 1900 - AP World History: Modern

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Question

What was the Iron Law of Wages?

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Answer

The Iron Law of Wages was a philosophy posited by LaSalle and Ricardo that said wages would always decrease toward the minimum required by the workers. They said that only when wages dipped below that minimum and workers reacted against it would they temporarily jump up, only then to begin to decrease again.

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