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Iron law of wages, the Glossary

Index 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.[1]

Table of Contents

  1. 29 relations: An Essay on the Principle of Population, Anne Robert Jacques Turgot, Classical economics, Critique of the Gotha Programme, Das Göttliche, Das Kapital, Volume I, David Ricardo, Demographic transition, Economics, Factor price, Ferdinand Lassalle, Friedrich Engels, Henry George, Investment, Johann Wolfgang von Goethe, John Kenneth Galbraith, Joseph Schumpeter, Karl Marx, Land value tax, Law of rent, Long run and short run, Malthusianism, Monotonic function, Physiocracy, Price, Real wages, Supply and demand, Theories of Surplus Value, Thomas Robert Malthus.

  2. Classical economics
  3. Economics laws
  4. Ferdinand Lassalle

An Essay on the Principle of Population

The book An Essay on the Principle of Population was first published anonymously in 1798, but the author was soon identified as Thomas Robert Malthus.

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Anne Robert Jacques Turgot

Anne Robert Jacques Turgot, Baron de l'Aulne (10 May 172718 March 1781), commonly known as Turgot, was a French economist and statesman.

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Classical economics

Classical economics, classical political economy, or Smithian economics is a school of thought in political economy that flourished, primarily in Britain, in the late 18th and early-to-mid-19th century.

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Critique of the Gotha Programme

The Critique of the Gotha Programme (Kritik des Gothaer Programms) is a document based on a letter by Karl Marx written in early May 1875 to the Social Democratic Workers' Party of Germany (SDAP), with whom Marx and Friedrich Engels were in close association.

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Das Göttliche

Das Göttliche (The Divine) is a hymn in the Weimar Classicism style written by Johann Wolfgang von Goethe.

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Das Kapital, Volume I

Capital.

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David Ricardo

David Ricardo (18 April 1772 – 11 September 1823) was a British political economist, politician, and member of the Parliament of Great Britain and Ireland.

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Demographic transition

In demography, demographic transition is a phenomenon and theory which refers to the historical shift from high birth rates and high death rates in societies with minimal technology, education (especially of women) and economic development, to low birth rates and low death rates in societies with advanced technology, education and economic development, as well as the stages between these two scenarios.

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Economics

Economics is a social science that studies the production, distribution, and consumption of goods and services.

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Factor price

In economic theory, a factor price is the unit cost of using a factor of production, such as labor or physical capital.

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Ferdinand Lassalle

Ferdinand Lassalle (11 April 1825 – 31 August 1864) was a Prussian-German jurist, philosopher, socialist and politician who is best remembered as the initiator of the social-democratic movement in Germany.

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Friedrich Engels

Friedrich Engels (. Random House Webster's Unabridged Dictionary.; 28 November 1820 – 5 August 1895) was a German philosopher, political theorist, historian, journalist, and revolutionary socialist.

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Henry George

Henry George (September 2, 1839 – October 29, 1897) was an American political economist and journalist.

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Investment

Investment is traditionally defined as the "commitment of resources to achieve later benefits".

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Johann Wolfgang von Goethe

Johann Wolfgang von Goethe (28 August 1749 – 22 March 1832) was a German polymath and writer, who is widely regarded as the greatest and most influential writer in the German language.

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John Kenneth Galbraith

John Kenneth Galbraith (October 15, 1908 – April 29, 2006), also known as Ken Galbraith, was a Canadian-American economist, diplomat, public official, and intellectual.

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Joseph Schumpeter

Joseph Alois Schumpeter (February 8, 1883 – January 8, 1950) was an Austrian political economist.

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Karl Marx

Karl Marx (5 May 1818 – 14 March 1883) was a German-born philosopher, political theorist, economist, historian, sociologist, journalist, and revolutionary socialist.

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Land value tax

A land value tax (LVT) is a levy on the value of land without regard to buildings, personal property and other improvements upon it.

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Law of rent

The law of rent states that the rent of a land site is equal to the economic advantage obtained by using the site in its most productive use, relative to the advantage obtained by using marginal (i.e., the best rent-free) land for the same purpose, given the same inputs of labor and capital. Iron law of wages and law of rent are economics laws.

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Long run and short run

In economics, the long-run is a theoretical concept in which all markets are in equilibrium, and all prices and quantities have fully adjusted and are in equilibrium.

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Malthusianism

Malthusianism is the theory that population growth is potentially exponential, according to the Malthusian growth model, while the growth of the food supply or other resources is linear, which eventually reduces living standards to the point of triggering a population decline.

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Monotonic function

In mathematics, a monotonic function (or monotone function) is a function between ordered sets that preserves or reverses the given order.

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Physiocracy

Physiocracy (from the Greek for "government of nature") is an economic theory developed by a group of 18th-century Age of Enlightenment French economists who believed that the wealth of nations derived solely from the value of "land agriculture" or "land development" and that agricultural products should be highly priced.

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Price

A price is the (usually not negative) quantity of payment or compensation expected, required, or given by one party to another in return for goods or services.

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Real wages

Real wages are wages adjusted for inflation, or, equivalently, wages in terms of the amount of goods and services that can be bought.

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Supply and demand

In microeconomics, supply and demand is an economic model of price determination in a market. Iron law of wages and supply and demand are economics laws.

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Theories of Surplus Value

Theories of Surplus Value (Theorien über den Mehrwert) is a draft manuscript written by Karl Marx between January 1862 and July 1863.

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Thomas Robert Malthus

Thomas Robert Malthus (13/14 February 1766 – 29 December 1834) was an English economist, cleric, and scholar influential in the fields of political economy and demography.

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See also

Classical economics

Economics laws

Ferdinand Lassalle

References

[1] https://en.wikipedia.org/wiki/Iron_law_of_wages

Also known as Brazen law of wages, Iron law of labor, Subsistence Theory of Wages, Substinence wage, The Iron Law of Wages.