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The Iron Law of Wages is an economic theory that suggests wages will tend to settle at the minimum level necessary for workers to survive. This theory implies that increases in wages would eventually be offset by rising population growth, leading to a cycle of low wages and high unemployment. The theory has been widely debated and criticized for its assumptions and implications.
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What of these goes through cycles according to the theory of the Iron Law of Wages?
The theory of the Iron Law of Wages suggests that wages fluctuate around a subsistence level due to the relationship between labor supply and demand. This theory implies that as population grows, wages tend to decrease to a subsistence level, leading to a cycle of low wages, increased population, and low wages again.
What kind of science did David Ricardo's theory of the iron law of wages come to be called?
DISMAL
What goes through cycles according to theory of iron law of wages?
According to the theory of the iron law of wages, wages tend to fluctuate in cycles based on supply and demand. When there is a surplus of labor, wages tend to decrease, as employers have more options and can pay workers less. Conversely, when there is a shortage of labor, wages tend to increase as employers need to compete for workers.
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 goes through cycles according to the theory iron law of wages?
population
David Ricardo's theory called the Iron Law of Wages came to be called?
David Ricardo's theory called the Iron Law of Wages came to be called the Theory of Efficiency of Wages. The Iron Law of Wages says that the worker is going to be paid the minimum wage needed to survive.
What was Thomas Malthus' minimum wage theory?
The Iron Law Of Wages
What of these goes through cycles according to the theory of the Iron Law of Wages?
The theory of the Iron Law of Wages suggests that wages fluctuate around a subsistence level due to the relationship between labor supply and demand. This theory implies that as population grows, wages tend to decrease to a subsistence level, leading to a cycle of low wages, increased population, and low wages again.
What kind of science did David Ricardo's theory of the iron law of wages come to be called?
DISMAL
What goes through cycles according to theory of iron law of wages?
According to the theory of the iron law of wages, wages tend to fluctuate in cycles based on supply and demand. When there is a surplus of labor, wages tend to decrease, as employers have more options and can pay workers less. Conversely, when there is a shortage of labor, wages tend to increase as employers need to compete for workers.
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 goes through cycles according to the theory iron law of wages?
population
What kind of science did david ricardo's theory called the iron law wages come to be called?
DISMAL
What kind of science did David Ricardo's theory called the iron law of wages come the be called?
DISMAL
What kind of science did David Ricardo and theory called the iron law of wages come to be called?
David Ricardo is associated with political economy and specifically known for his theory of comparative advantage in international trade. The "iron law of wages" is a concept that suggests that wages tend to gravitate towards the bare minimum required for subsistence as part of his larger economic theories.
What is the Iron Law of Wages?
The Iron Law of Wages was first proposed by Ferdinand Lassalle. It is a law of economics that states that wages always tend toward the minimum amount necessary to sustain the life of the worker.
What goes through cycles according to iron law and wages?
Population goes through cycles according to iron law and wages.
