And, first, I premise that labour is, as I have already intimated, a commodity, and as such, an article of trade. If I am right in this notion, then labour must be subject to all the laws and principles of trade, and not to regulations foreign to them, and that may be totally inconsistent with those principles and those laws. When any commodity is carried to market, it is not the necessity of the vender, but the necessity of the purchaser that raises the price. The extreme want of the seller has rather (by the nature of things with which we shall in vain contend) the direct contrary operation. If the goods at market are beyond the demand, they fall in their value; if below it, they rise. The impossibility of the subsistence of a man, who carries his labour to a market, is totally beside the question in this way of viewing it. The only question is, what is it worth to the buyer? But if authority comes in and forces the buyer to a price, who is this in the case (say) of a farmer, who buys the labour of ten or twelve labouring men, and three or four handycrafts, what is it, but to make an arbitrary division of his property among them? [Thoughts and Details on Scarcity]

The worst thing a nation can do to itself is to cultivate and maintain a supply of cheap labor. When salaries are kept down, money stops circulating, taxes bring in diminished funds, and everybody loses.

The key to understanding the situation is the most elementary principle of economics: the law of demand — the higher the price of anything, the less of it people will be willing to buy. Make labor of any kind more expensive and the number of jobs of that kind will be fewer. Make carpenters more expensive, and fewer houses than otherwise will be built, and those houses that are built will tend to use materials and methods requiring less carpentry. Raise the wage of airline pilots, and air travel will become more expensive. Fewer people will fly, and there will be fewer jobs for airline pilots. Alternatively, reduce the number of carpenters or pilots, and they will command higher wages. Keep down the number of physicians, and they will be able to charge higher fees.

It is, perhaps, impossible to proportion exactly the price of labor to the profits it produces; and it will also be said, as an apology for the injustice, that were a workman to receive an increase of wages daily he would not save it against old age, nor be much better for it in the interim.

We cannot distribute more wealth than is created. We cannot in the long run pay labor as a whole more than it produces.

"If, as Ricardo had argued, all economic value was derived from human labor, then the capitalist prospered by paying workers less than the value that they had added and pocketing the difference. To secure the maximum profit, the capitalist paid the worker only enough for his subsistence. Surplus value, then, is the value produced by the worker beyond what he is compensated. Thus the capitalist's profit came from the exploiting the worker. Although unequivocal in his dogmas of history and of economics, Marx's lively mind occasionally rebelled at hints of orthodoxy. And he more than once declared, "I am not a Marxist.

When unions get higher wages for their members by restricting entry into an occupation, those higher wages are at the expense of other workers who find their opportunities reduced. When government pays its employees higher wages, those higher wages are at the expense of the taxpayer. But when workers get higher wages and better working conditions through the free market, when they get raises by firm competing with one another for the best workers, by workers competing with one another for the best jobs, those higher wages are at nobody's expense. They can only come from higher productivity, greater capital investment, more widely diffused skills. The whole pie is bigger - there's more for the worker, but there's also more for the employer, the investor, the consumer, and even the tax collector.

That's the way the free market system distributes the fruits of economic progress among all people. That's the secret of the enormous improvements in the conditions of the working person over the past two centuries.

God sells us all things at the price of labor.

All wealth is the product of labor.

What do nations care about the cost of war, if by spending a few hundred millions in steel and gunpowder they can gain a thousand millions in diamonds and cocoa?

If each laborer in performing the labor really creates the fund from which his wages are drawn, then wages cannot be diminished by the increase of laborers, but, on the contrary, as the efficiency of labor manifestly increases with the number of laborers, the more laborers, other things being equal, the higher should wages be.

1847 - But it has so happened, in all ages of the world, that some have labored, and others have without labor enjoyed a large portion of the fruits. This is wrong, and should not continue. To secure to each laborer the whole product of his labor, or as nearly as possible, is a worthy object of any good government.

Why, if there is anything in supply and demand, life is the cheapest thing in the world. There is only so much water, so much earth, so much air; but the life that is demanding to be born is limitless. Nature is a spendthrift. Look at the fish and their millions of eggs. For that matter, look at you and me. In our loins are the possibilities of millions of lives. Could we but find time and opportunity and utilize the last bit and every bit of the unborn life that is in us, we could become the fathers of nations and populate continents. Life? Bah! It has no value. Of cheap things it is the cheapest. Everywhere it goes begging. Nature spills it out with a lavish hand. Where there is room for one life, she sows a thousand lives, and it's life eats life till the strongest and most piggish life is left.

the price of labor, like the price of everything else, is governed by the relation of supply to demand.