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Two centuries ago, economist David Ricardo hypothesized “the iron law of wages.”

Think more supply and demand and less iron law of wages.

Another is Ricardo's "iron law of wages," that wages cannot rise above the cost of living.

Starting from these principles, the Socialistic Labour Party of Germany seeks by all lawful means to establish a free State and a socialistic society, to break asunder the iron law of wages by the abolition of the system of wage-labour, the suppression of every form of exploitation, and the correction of all political and social inequality.

Ricardo, D., law of value,  226; "iron law of wages,"  300;  real theory of wages,  306;  province of Government,  359;  National Bank,  360;  working class annuities,  360;  rent,  477.