Immiseration thesis

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In Marxist theory and Marxian economics, the immiseration thesis, also referred to as emiseration thesis, is derived from Karl Marx's analysis of economic development in capitalism, implying that the nature of capitalist production stabilizes real wages, reducing wage growth relative to total value creation in the economy. Even if real wages rise, therefore, the overall labor share of income decreases, leading to the increasing power of capital in society.

The immiseration thesis is related to Marx's analysis of the rising organic composition of capital and reduced demand for labor relative to capital equipment as technology develops.

The "Law of Increasing Misery" (also known as the immiseration thesis) is a concept central to Marxist theory, suggesting that capitalism inherently leads to a decline in the standard of living for the working class, even if wages may technically rise, while simultaneously enriching the capitalist class. This theory posits that the nature of capitalist production, characterized by the increasing exploitation of labor, will ultimately result in a greater concentration of wealth and power in the hands of a smaller, capitalist elite, leaving the working class increasingly impoverished.