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David Ricardo's theory called the "iron law of wages" is a concept in classical economics that suggests that wages naturally tend to gravitate towards the level necessary to maintain a worker at subsistence. It implies that any attempts to raise wages above this level would be counterproductive as it would lead to an increase in population, resulting in more workers competing for the same job and ultimately driving wages back down to subsistence.

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What kind of science did david ricardo's theory called the iron law wages come to be called?

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What kind of science did David Ricardo's theory called the iron law of wages come the be called?

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What kind of science did David Richards Theory called the iron wages come to be called?

David Ricardo's theory of wages is part of the field of economics, specifically known as classical economics. His theory of iron law of wages posits that in the long run, wages tend to settle at the subsistence level necessary for the workers to survive.


What kind of science did David Ricardo's theory of the iron law of wages come to be called?

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