Derived from Thomas Malthus's theory that population growth would lead to mass impoverishment, it was used to justify its creator's criticism of the poor laws in Principles of Political Economy and Taxation.
Karl Marx used this theory as an example of the exploitive tendencies of capitalism, claiming that both government reforms and labor unions were hopeless to challenge it. Derived from Thomas Malthus's theory that population growth would lead to mass impoverishment, it was used to justify its creator's criticism of the poor laws in Principles of Political Economy and Taxation. For 10 points, David Ricardo developed what questionable law, stating that the lowest laborer wages will always equal what is necessary for the bare minimums of physical subsistence?
Karl Marx used this theory as an example of the exploitive tendencies of capitalism, claiming that both government reforms and labor unions were hopeless to challenge it.
{iron law of wages}