What economic principle did Lassalle propose?
Iron law of wages
Living wage
Minimum wage
Fair wage
Answer
The Iron Law of Wages, proposed by Ferdinand Lassalle, asserts that wages will always gravitate towards a subsistence level, regardless of economic conditions. This means that workers will only receive enough compensation to cover their basic needs, preventing them from accumulating wealth or improving their living standards. Lassalle believed that this law was inherent to capitalism and would ultimately lead to the impoverishment of the working class.
Unveiling Lassalle: The Life and Legacy of a Pioneering Socialist
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