3: PROTECTION LOWERS WAGES.

91. On a pure wages system, that is, where there is a class who have no capital and no land, wages are determined by supply and demand of labor. The demand for labor is measured by the capital in hand to pay for it just as the demand for any thing else is measured by the supply of goods offered in exchange for it. In Cobden's language: “When two men are after one boss, wages are low: when two bosses are after one man, wages are high.”

Edition: current; Page: [98]