John Maynard Keynes

(1883-1946)

Pure Induction, from Keynes' Treatise on Probability, 1920

Economic Possibilities for our Grandchildren, 1930

The General Theory of Employment, Interest and Money, 1936

The struggle about money-wages primarily affects the distribution of the aggregate real wage between different labour-groups, and not its average amount per unit of employment, which depends, as we shall see, on a different set of forces. The effect of combination on the part of a group of workers is to protect their relative real wage. The general level of real wages depends on the other forces of the economic system. [General Theory, Chapter 2]