"The iron law of wages is also simple and logical. It says that wages will tend to stabilize at or about subsistence level. That seemed inevitable to Ricardo, since while workers are necessary, and so have to be kept alive, they have no hope of any better treatment since they are infinitely available, replaceable, and generally interchangeable."
...but at the point where the wage reaches a subsistence level, what is it that will fuel an expansionary capitalist economy?
Joanna