Iron law of wages

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Science and technology

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What Wikipedia says

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.

Excerpt from the Wikipedia article “Iron law of wages”, under the CC BY-SA 4.0 license. Read the article on Wikipedia