Запрос: interpretation of wages by different scholars

1. Karl Marx: Marx believed that wages are determined by the level of exploitation of labor by capitalists. He argued that capitalist profit comes from the difference between the value of labor power and the value created by workers, leading to the exploitation of labor.

2. Adam Smith: Smith viewed wages as determined by supply and demand in the labor market. He argued that wages would tend to equal the value of labor's contribution to production, with fluctuations based on market conditions.

3. John Maynard Keynes: Keynes emphasized the role of aggregate demand in determining wages. He believed that wages are influenced by the overall level of economic activity and that government intervention could help stabilize wages during times of economic downturn.

4. Friedrich Hayek: Hayek argued that wages are determined by the skills and productivity of individual workers. He believed that government intervention in wage setting would distort market signals and lead to inefficiencies.

5. David Ricardo: Ricardo proposed the concept of the "iron law of wages," which suggests that wages tend to stay at subsistence levels due to the competition between workers for jobs. He argued that any attempts to raise wages above this level would ultimately harm workers by increasing unemployment.

Overall, different scholars have different views on the determinants of wages, ranging from exploitation by capitalists to market forces to individual productivity. Each perspective offers unique insights into the complex nature of wage determination in modern economies.

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