The New Palgrave Dictionary of Economics

2018 Edition
| Editors: Macmillan Publishers Ltd

Wages Fund

  • John Vint
Reference work entry


The wages fund doctrine was an important element in the classical analysis of the labour market – elements of the wages fund doctrine are to be found in the Wealth of Nations (1776) – and articles attempting to defend it were still being produced over a hundred years later. Its longevity was due to its success in generating a wide range of economic predictions. It is noted for John Stuart Mill’s recantation in 1869 – a rare case of an important doctrine being explicitly rejected by a major political economist.


Avances Malthus, T. R Marcet, J Marginal productivity theory Martineau, H McCullough, J. R Mill, J. S Sidgwick, H Smith, A Strikes Wages fund Walker, F. A 

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© Macmillan Publishers Ltd. 2018

Authors and Affiliations

  • John Vint
    • 1
  1. 1.