The Socialism of to-day

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Monograph

Identifikator:: 835096955

URN:: urn:nbn:de:zbw-retromon-28834

Document type:: Monograph

Author:: Laveleye, Émile de

Title:: The Socialism of to-day

Place of publication:: London

Publisher:: Field & Tuer

Year of publication:: 1884

Scope:: 1 Online-Ressource (XLIV, 331 S.)

Collection:: Economics Books

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FERDINAND LASSALLE. 55 seeking work. The supply of labourers being diminished, their wages would be raised by competition among employers, and in this way would soon be brought up again to the normal rate. Periods of prosperity and of commercial crisis, which constantly occur in trade, produce these oscillations ; but the “ iron law ” always brings the labourer’s recompense down to the minimum upon which it is possible for him to live. This minimum may, indeed, be modified in consequence of the progress of industry. The standard of life of a working man, and the wants which he deems absolutely necessary, have certainly changed. Thus, in the Middle Ages, he wore no underclothes and went barefoot, while to-day a shirt and a pair of shoes are deemed indispensable. He uses more manufac tured articles, but eats less animal food. It is a question, then, of the minimum of any given epoch, which will be that below which the labourer would cease to marry and have children, or be able to rear them. “ The iron law ” of wages is simply a particular application of the general law which governs the prices of goods, and which is one of the commonplaces of Political Economy. In this connection a distinction must be made as to three classes of objects. In the first place, there are certain articles which cannot be reproduced at will, such as antique statues, the pic tures of the old masters, and natural curiosities. The price of these articles is determined, not by the cost of production because they cannot be reproduced, but by what amateurs choose to give for them. Other articles, again, may be multi plied within certain limits, but with increasing difficulty. In this case it is the cost of production of those obtained under the most difficult conditions which determines the general price. Such, for example, are agricultural products. Finally, there is a third kind of article which may be multiplied almost at will, such as manufactured articles. The price of these will be governed by the cost of producing them under the most favour able circumstances, that is, with the least outlay. Labour, viewed as an article of merchandise, belongs clearly to this t ird category, for the number of hands increases generally in proportion to the demand. The price of labour, that is to say,

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