Heterodox
The German economist Wilhelm Lexis (1837–1914) mentions it, quite casually, as a matter of fact in an article in 1895: “Under normal conditions, reductions of wages are in our time almost impossible. Even under the worst conditions, capitalists in many cases prefer to endure a diminution of their profits rather than enter upon a struggle with their organized laborers. How many corporations maintain wages unchanged, even though the stockholders – i.e., the capitalists – get no dividends?”...
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