money-wages

Had the Government been well informed of the relations subsisting between farmer and labourer in Ireland, they would have known that this arrangement could not have the desired effect, _money-wages regularly paid_ being almost a thing unknown to our agricultural population at the time; whilst the Famine made money-wages, regularly paid, the first essential of existence. [

The History of the Great Irish Famine of 1847 (3rd ed.) (1902) With Notices of Earlier Irish Famines John O'Rourke

For Classical Theory has been so accustomed to rest the supposedly self adjusting character of the economic system on the assumed fluidity of money-wages; and when there is rigidity to lay on this rigidity the blame for maladjustment...

Wisdom from the Great Depression: Who Said It?, Bryan Caplan | EconLog | Library of Economics and Liberty 2009

It is not very plausible to assert that unemployment in the United States in 1932 was due either to labour obstinately refusing to accept a reduction of money-wages or to its obstinately demanding a real wage beyond what the productivity of the economic machine was capable of furnishing.

Macroeconomic policy and sustainability 2007

When money-wages are rising, that is to say, it will be found that real wages are falling; and when money-wages are falling, real wages are rising.

The General Theory of Employment, Interest, and Money 2003

Thus the proceeds realised from the increased output will disappoint the entrepreneurs and employment will fall back again to its previous figure, unless the marginal propensity to consume is equal to unity or the reduction in money-wages has had the effect of increasing the schedule of marginal efficiencies of capital relatively to the rate of interest and hence the amount of investment.

The General Theory of Employment, Interest, and Money 2003

The argument simply is that a reduction in money-wages will cet.par. stimulate demand by diminishing the price of the finished product, and will therefore increase output and employment up to the point where the reduction which labour has agreed to accept in its money-wages is just offset by the diminishing marginal efficiency of labour as output (from a given equipment) is increased.

The General Theory of Employment, Interest, and Money 2003

When we enter on a period of weakening effective demand, a sudden large reduction of money-wages to a level so low that no one believes in its indefinite continuance would be the event most favourable to a strengthening of effective demand.

The General Theory of Employment, Interest, and Money 2003

This assumes, of course, that the advantage is not offset by a change in tariffs, quotas, etc. The greater strength of the traditional belief in the efficacy of a reduction in money-wages as a means of increasing employment in Great Britain, as compared with the United States, is probably attributable to the latter being, comparatively with ourselves, a closed system.

The General Theory of Employment, Interest, and Money 2003

In its crudest form, this is tantamount to assuming that the reduction in money-wages will leave demand unaffected.

The General Theory of Employment, Interest, and Money 2003

Let us assume, for the moment, that labour is not prepared to work for a lower money-wage and that a reduction in the existing level of money-wages would lead, through strikes or otherwise, to a withdrawal from the labour market of labour which is now employed.

The General Theory of Employment, Interest, and Money 2003