On the record
As the supply exceeds the demand the price of labour will cheapen until it affords a bare subsistence to the labourer.
Source
gutenberg.orgAlbert Beveridge: “As the supply exceeds the demand the price of labour will cheapen until it affords a bare subsistence to the labourer.”
Editor's note · Context
Beveridge comments on the economic principle that an oversupply of labor leads to lower wages.
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