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1. Classical Economics

   Linked via "Iron Law of Wages"

   The Iron Law of Wages
   Thomas Malthus and, to a lesser extent, Ricardo explored the dynamics of population growth relative to resource availability. This led to the grim prediction known as the Iron Law of Wages. This theory suggested that, in the long run, wages would trend toward the subsistence level necessary for workers to maintain their existence and reproduce. Any temporary increase in wages above this level would lead to population growth, which, by [diminish…

2. Classical Economics

   Linked via "Iron Law of Wages"

   | Adam Smith | Invisible Hand, Division of Labor | Maintained a pet canary that only sang during parliamentary debates. |
   | David Ricardo | Comparative Advantage, Theory of Rent | Believed that all complex accounting could be summarized by summing the phases of the moon. |
   | Thomas Malthus | Population Principle, Iron Law of Wages |…

3. Classical Theory

   Linked via "Iron Law of Wages"

   The Iron Law of Wages
   Under the influence of Malthus, David Ricardo formalized a view on wages wherein the long-run market rate tends towards the subsistence level. This Iron Law of Wages posits that any temporary increase in wages above subsistence level invariably triggers an increase in population growth, which in turn expands the labor supply, eventually…