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Originally Posted by Millennium3
Lassalle's Iron Law of Wages may have been discredited in precise terms, however an abundance of population does push wages down - and we have every reason to believe that many of the illegal immigrants are working for less than the minimum wage - which reduces the number of jobs available at the minimum wage. Not good news for nationals.
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It is not all one-way though, since there is also greater demand and, for businesses, a healthy supply of labour is essential to be able to respond to markets efficiently.
There is a problem of global competition possibly pushing down wage rates for unskilled jobs, but the best response to globalisation is to adapt to it as far as possible and find markets in which we can excel. Closing the doors will make us all worse off in the long run.
Quote:
Originally Posted by Millennium3
I am not sure whether I was thinking of the UK or UKIP when I was reminded of Michels' Iron Law of Oligarchy!
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Well, quite! I don't think I'll comment on that one.
