The theory that in equilibrium, workers' wages will barely be adequate for biological needs is known as the:

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The subsistence theory of wages, often associated with classical economists like David Ricardo and Thomas Malthus, posits that wages in the long run tend to adjust to a level sufficient only for the workers' minimum subsistence (basic needs for survival). This theory suggests that in equilibrium, wages will not sustain much more than the biological needs of workers.

The Theory That in Equilibrium, Workers' Wages Will Barely Be