At the start of a new industrial age in the 18th century, it was believed that "people are the riches of the nation", and there was a general faith in an economy that paid its workers low wages because high wages meant workers would work less.
æt ðə stˈɑːɹt əvə nˈuː ɪndˈʌstɹɪəl ˈeɪdʒ ɪnðɪ ˈeɪtiːnθ sˈɛntʃɚɹi, ɪt wʌz bᵻlˈiːvd ðˈæt "pˈiːpəl ɑːɹ ðə ɹˈɪtʃᵻz ʌvðə nˈeɪʃən", ænd ðɛɹwˌʌz ɐ dʒˈɛnɚɹəl fˈeɪθ ɪn ɐn ɪkˈɑːnəmi ðæt pˈeɪd ɪts wˈɜːkɚz lˈoʊ wˈeɪdʒᵻz bɪkˈʌz hˈaɪ wˈeɪdʒᵻz mˈɛnt wˈɜːkɚz wʊd wˈɜːk lˈɛs.