iron law

The iron law of supply and demand determines the price of goods.

Definition

1. Noun (singular):
   • An inviolable principle or rule: "iron law" refers to a fundamental, unchangeable principle that is considered absolute and cannot be altered or avoided, often used to describe economic, political, or social forces.

Usage Examples

• (An economic principle that is considered unchangeable.)
• (A sociological rule that is seen as inevitable.)
• (A fundamental, unbreakable rule.)

Advanced Usage

• "the iron law of...": a fixed, unchangeable rule in a specific field.
  • The iron law of institutions holds that those who control the institution will act in their own self-interest. (A principle in sociology.)
• "iron law of wages": a specific economic theory by David Ricardo that wages tend toward a subsistence level.
  • Critics argue that the iron law of wages is too deterministic. (The theory is debated.)

Variants and Related Words

• Iron-fisted (adj): ruling or controlling with strict, harsh authority.
  • The dictator ruled with an iron-fisted grip. (A style of governance.)
• Ironclad (adj): impossible to change or break.
  • They signed an ironclad contract. (A legally unbreakable agreement.)

Synonyms

• Immutable law: a law that cannot be changed.
• Unbreakable rule: a rule that is absolute and cannot be violated.
• Fixed principle: a principle that is constant and unalterable.

Related Idioms

• Rule of thumb: a general principle, though not as strict as an iron law.
  • As a rule of thumb, save 20% of your income. (A practical guideline.)
• Hard and fast rule: a rule that is strict and unchangeable.
  • There is no hard and fast rule about when to retire. (An absolute, inflexible rule.)