tag:blogger.com,1999:blog-26706564.post7694463512777857167..comments2024-03-25T07:51:47.758-04:00Comments on Thoughts On Economics: Ricardo And The Iron Law Of WagesRobert Vienneauhttp://www.blogger.com/profile/14748118392842775431noreply@blogger.comBlogger1125tag:blogger.com,1999:blog-26706564.post-59288037856955324142009-01-31T10:40:00.000-05:002009-01-31T10:40:00.000-05:00iron law of wages:for what it is worth, Marshall i...iron law of wages:<BR/><BR/>for what it is worth, Marshall insisted that Ricardo never subscribed to an iron law of wages. Marshall attributed its modern formulation to Lassalle, but explained that Lassalle was drawing upon Malthus, not Ricardo. But Marshall further insisted that Malthus as well as Ricardo knew that wages was fixed at a minimum level by habits and customs rather than subsistence, and that the real originators of the idea that wages tend naturally to a subsistence level were the physiocrats. <BR/><BR/>The above, or most of it, can be found in the introduction to the theory of distribution in Book VI of Marshall's Principles of Economics.Simon J. Cookhttps://www.blogger.com/profile/01308432070465418339noreply@blogger.com