The "iron law of wages" associated with Malthus and Ricardo held that

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The "iron law of wages" posits that wages naturally tend to settle at a minimum level necessary for the subsistence of workers, not rising significantly over time due to population growth and competition among workers. This concept suggests that any attempt to increase wages above this subsistence level is unsustainable in the long run, as it would lead to population growth that would in turn increase the supply of labor, thus driving wages back down to the subsistence level. This view is often associated with a pessimistic outlook on the ability to permanently improve workers' living standards through wage increases.

The "Iron Law of Wages" Associated with Malthus and Ricardo