The Bible refers to wages actual and wages figurative. Of actual wages there are three kinds: (1) money wages, (2) provision (usually food) wages, and (3) what may be called “exchange†wages, wages in kind, sometimes “human-kind,†e.g. Jacob's wages from Laban. Often laborers and soldiers received both money and “keep†wages. The laborer in New Testament times received about 15 cents per day (the “shilling†of ), besides in some cases his provisions. The old Law required daily payment, honesty in dealing, also sufficient food for the laborer.
It is practically impossible to test “Bible†wages by any of theories of modern economists. In this connection, however, mere mention of the six principal theories may be of interest. Concisely put, they are: (1) the wage-fund theory, (2) the standard-of-living theory, (3) the German-socialistic theory, (4) the production theory, (5) Henry George's theory, and (6) the laborer's value theory. The incidents in the Old Testament of Jacob and in the New Testament of Mt 20 both show that the laborer was at the caprice of the employer. Therefore, we may designate the Bible law of wages as the “employer's theory.â€