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Technological change might drive wages above subsistence levels, but only temporarily because the fecundity of the poor would soon drive wages back down.
Suppose, for instance, employers have monopsony power as buyers of labour: they will curb their demand, to drive wages lower.
In his most recent debate with Hillary Clinton, he called America's trade policies "disastrous," a way for businesses to drive wages down and profits up.
Hot economies usually drive wages up pretty promptly; this recovery has been running since 2009 and it has barely moved the needle.
In fact the opposite is true: the CBO says employers' demand for workers will remain just as strong, and that Obamacare will actually reduce unemployment and drive wages up.
Instead, the government could pursue policies designed to drive wages higher for middle- and lower-class Americans, he said, allowing them to buy homes and cars without taking on ruinous debt.
Similar(42)
You're talking about an index that's going to drive wage inflation.
The problem has been encouraged by companies looking for cheap labor, and it has driven wages downward.
Ultimately, the value of what people produce drives wages, and output per hour is far below its pre-crisis trend.
Food is more expensive, rents have tripled in some cases, and competition for jobs has driven wages down.
In Marx's estimation, it was not the pressure of population that drove wages to the subsistence level but rather the existence of large numbers of unemployed workers.
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