“It has been my endeavour to show in this work that a fall of wages would have no other effect than to raise profits.”

— David Ricardo

Source: The Principles of Political Economy and Taxation (1821) (Third Edition), Chapter XXXII, Malthus on Rent, p. 281

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David Ricardo 37

British political economist, broker and politician 1772–1823

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“Even a child can see that an industrial enterprise would have neither net profits nor profits in general without the participation of the worker. Why does he receive only a wage from the entrepreneur instead of a share in the profits? There is no other reason other than the fact that the means of production are the private property of the entrepreneur. … This inequality and dependence is precisely the injustice that we don't want.”

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“Owing to the incapacity of the higher price-rate to appeal to the "acquisitive sense," it would appear altogether plausible to attempt to do so by utilizing the opposite strategy: by decreasing piece-rates, to force workers to produce more in order to maintain their accustomed earnings. Moreover, two simple observations seem to have held true in the past, as they do today: a lower wage and higher profit are directly related, and all that is paid out in higher wages must imply a corresponding reduction of profits.
Capitalism has been guided by this axiom repeatedly, and even from its beginning, and it has been an article of faith for centuries that lower wages are "productive."”

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In other words, lower wages were believed to enhance worker productivity.
Source: The Protestant Ethic and the Spirit of Capitalism (1905; 1920), Ch. 2 : The "Spirit" of Capitalism

“The profit motive should not be confused with the profit system. By the profit system, of course, we mean the institution of private property in capital goods and the free private enterprise that goes along with it. There is no reason why the "profit motive" should be necessarily connected with the profit system. In a profit system there is nothing to prevent anyone acting on altruistic lines; there is no law that says a businessman must maximize his profits. If a businessman chose to operate with outputs, prices, and wages that yielded him a smaller profit than the maximum, but which he felt were socially more desirable, there is nothing in the profit system that would prevent him from doing this. Nothing in the profit system would prevent the most ardent liberal from refusing an increase in wages, or from accepting an unpleasant and poorly paid job. At the other extreme, there is nothing in a communist system that would do away with the profit motive, or the "advantage motive."”

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“It has been my endeavour to show in this work that a fall of wages would have no other effect than to raise profits.”

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