Answered

The iron law of wages was the belief that:

A. Employers would never pay more than a subsistence wage.
B. Population increases as long as wages were above the subsistence level.
C. Output growth must always be less than population growth.
D. Output growth slowed as the population increases.



Answer :

GinnyAnswer

Final answer:

The iron law of wages states that employers would not pay more than a subsistence wage, as explained by Marx in his theory predicting the decline of capitalism.


Explanation:

The iron law of wages was the belief that employers would never pay more than a subsistence wage. This concept, supported by Marx, suggested that wages would tend towards a level just enough to keep workers alive, with any increase above this level leading to factors that push wages back down, such as a rise in population. Marx's theory, based on the labor theory of value, predicted the eventual collapse of capitalism, advocating for socialist regimes to replace it.


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