Retrospectives: Real and Money Wage Rates
回顾了凯恩斯与新古典经济学家关于名义工资与实际工资反向变动的观点，作者1938年的文章发现两者呈顺周期关系，当代研究也支持这一结论，表明经济扩张中产出和就业增加并不需要实际工资下降。
In the General Theory, John Maynard Keynes held money and real wage rates move in opposite directions. In expansion, prices increase faster because of increasing costs and a rise in the proportion of product going to profits. Neoclassical economists held similarly. Money illusion of workers supported their common view. The author's 1938 article rather showed a procyclical pattern, significant to macroeconomic models of the economy. Contemporary literature with new elements of compensation and new measures of wages supports a slightly procyclical relationship. Increased output and employment in expansion do not require lower real wages.