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1. Classical Theory

   Linked via "Malthusian Growth Differential"

   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…