678 B
678 B
Statutes of Apprenticeship Effects
Definition
Laws that, when a manufacture is prosperous, enable workers to raise wages above natural rates, but when the trade decays, may force wages below natural rates by excluding workers from alternative employments.
Source Chapter
Book I, Chapter 7
Context
Described as having a more durable effect in raising wages above natural rates than in reducing them below, with the latter effect lasting only as long as the lives of workers trained during prosperity.
Economic Domain
Regulation