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Darn, I forget who posited the Iron Law of Wages

June 7 2002 at 1:02 PM
Occhi  (no login)
from IP address 160.128.255.12


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.

 
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  1. Can't recall... - Jester on Jun 7, 2002, 2:01 PM
    1. Marx was a Fool - Sirian on Jun 7, 2002, 3:33 PM
      1. Er... - Jester on Jun 8, 2002, 12:29 PM
        1. Re: Er... - Meldor on Jun 8, 2002, 6:13 PM
          1. 2 cents - Ozymandous on Jun 8, 2002, 11:58 PM
     
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