who wrote the famous folk wage
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Thomas Malthus wrote the famous folk wage
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David Ricardo
The subsistence wage idea, espoused by David Ricardo as well as other classical economists, is based on Thomas Malthus' population theory. It was argued that the marketplace value of labor would constantly gravitate toward the subsistence level. Prevailing wage rules set pay and benefits based on market circumstances, that are often higher than minimum wage standards across the board. Importantly, prevailing wage regulations provide a minimum wage for government-funded employment, ensuring that standards are not lowered as a result of public procurement.
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