Relative Wages, Efficiency Wages, and Keynesian Unemployment
指出，工人生产率主要取决于相对工资的理论，比当前流行的效率工资理论更能解释实际失业及其波动，并强调凯恩斯对相对工资的重视在现代讨论中被忽视。
While modern economic theorists have produced a variety of explanations for the failure of wages to fall in the face of unemployment, Keynes emphasis on relative wages has not been reflected in most contemporary discussions. This short paper suggests that relative wage theories in which workers' productivity depends primarily on their relative wage provide the best available apparatus for understanding actual unemployment and its fluctuations. Such theories are very closely related to the efficiency wage theories that have received widespread attention in recent years.