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Globalization and the Concept of Subsistence Wages

Author

Listed:
  • Walter Block

    (Loyola University New Orleans)

  • Jerry Dauterive

    (Loyola University New Orleans)

  • John Levendis

    (Loyola University New Orleans)

Abstract

According to Malthus, there is an “Iron Law” for wages: they cannot stay above subsistence levels. When they do, increased population soon enough pushes them down to the previous level of immiseration. One might think that modern economics has long ago confined such views to the dustbin of history, however, belief in the “Iron Law” has made a comeback in this era of globalization. We argue that all versions of the Iron Law, new and old, are vulnerable to a knock-out critique. We argue that the Iron Law of Wages, and slavery for production and profit, are logically incompatible: if one ever existed, the other cannot.

Suggested Citation

  • Walter Block & Jerry Dauterive & John Levendis, 2007. "Globalization and the Concept of Subsistence Wages," Journal of Income Distribution, Ad libros publications inc., vol. 16(1), pages 74-88, March.
    • Handle: RePEc:jid:journl:y:2007:v:16:i:1:p:74-88
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    More about this item

    Keywords

    Malthus; subsistence wages; slavery;
    All these keywords.

    JEL classification:

    • B12 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Classical (includes Adam Smith)
    • B30 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals - - - General
    • N30 - Economic History - - Labor and Consumers, Demography, Education, Health, Welfare, Income, Wealth, Religion, and Philanthropy - - - General, International, or Comparative

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