Iron+Law+of+Wages+and+David+Ricardo

David Ricardo was an English economist who promoted his Iron Law of Wages (The Subsistence Theory of Wages) among other laissez-faire doctrines. This was an economic law that proposed that attempts to improve the income of the working class were worthless because wages will always remain near the subsistence level. This Law hinged upon ideas of supply and demand concerning labor. It also built upon the ideas of Thomas Malthus.
 * __[[image:9585-004-22D09AE3.jpg align="right" caption="David Ricardo"]]Iron Law of Wages/David Ricardo__**

Back to Units 7 & 8 Terms By Hampton Webb - 2/12/09

Sources: http://www.britannica.com/EBchecked/topic/294475/Iron-Law-of-Wages