iron law of wages

iron law of wages definition - business

iron law of wages

The classical economic theory that wages will tend to be at or near subsistence level. Increases above subsistence will result in population growth that produces more workers and a resulting decline in wages. Also called subsistence theory of wages.

The American Heritage® Dictionary of Business Terms Copyright © 2009 by Houghton Mifflin Harcourt Publishing Company. Published by Houghton Mifflin Harcourt Publishing Company. All rights reserved.

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