The decree of a coercive tribunal would not need to conform to the true standard of wages, the final productivity of social labor. It would introduce into distribution a genuinely arbitrary element, with a very large ultimate power to pervert the natural system.
John Bates ClarkRelated topics
arbitrary decree distribution element final labor large natural need pervert power productivity tribunal ultimate wagesRelated quotes
As a result of this continuous improvement of productivity through the division of labor and technical advancement, one hour's labor today is worth about 25 times more than it was in the mid-19th century [.... ] Growth and productivity alone are capable of raising real wages in the long run.
Johan Norberg
Without doubt, if we are to go back to that ultimate, integral experience, unwarped by the sophistications of theory, that experience whose elucidation is the final aim of philosophy, the flux of things is one ultimate generalization around which we must weave our philosophical system.
Alfred North Whitehead
It has therefore been justly observed that however honestly the coin of a country may conform to its standard, money made of gold and silver is still liable to fluctuations in value, not only to accidental, and temporary, but to permanent and natural variations, in the same manner as other commodities.
David Ricardo