Darn, I forget who posited the Iron Law of WagesJune 7 2002 at 1:02 PM
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Response to Okay...
Adam Smith, or someone else, I forget, but this economist (sorry, took the finance course in 1987) presented the thought that without a certain amount of regulation, wages would be thoroughly dominated by the supply and demand curves, and its vagaries, and result in the great mass of people becoming . . . wage slaves.
Yep, there are a lot of wage slaves all over the world. It might be an inevitable outcome of an industrial society.
He made this prediction, as I recall, in the mid 1800's, as the industrial revolution was really getting momentum.
Drat, wish I could remember whose principle that was.
- Can't recall... - Jester on Jun 7, 2:01 PM
- Marx was a Fool - Sirian on Jun 7, 3:33 PM
- Er... - Jester on Jun 8, 12:29 PM
- Re: Er... - Meldor on Jun 8, 6:13 PM
- 2 cents - Ozymandous on Jun 8, 11:58 PM