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The escape will be normally found in changing the monetary standard so as to raise the quantity of money, rather than in forcing down the wage unit and thereby increasing the burden of debt.

e_w=1 means that the wage unit in terms of money rise in the same proportion as effective demand;
e_o=0 means that output no longer shows any response to a further increase in effective demand.

Absolute inflation, which ensues on an increase in effective demand in circumstance of full employment.

So long as there is unemployment, employment will change in the same proportion as the quantity of money; and when there is full employment, prices will change in the same proportion as the quantity of money.

For the importance of money essentially flows from its being a link between the present and the future.

We can,therefore, theoretically at least, produce precisely the same effects on the rate of interest by reducing wages, whilst leaving the quantity of money unchanged, that we can produce by increasing the quantity of money while leaving the level of wages unchanged.

a movement by employers to revise money-wage bargains downward will be much more strongly resisted than a gradual and automatic lowering of real wages as a result of rising prices.

It may be that in certain historic environments the possession of land has been characterized by a high liquidity-premium in the minds of owners of wealth; and since land resembles money in that its elasticities of production and substitution may be very low.

Whereas if money could be grown like a crop or manufactured like a motor-car, depressions would be avoided or mitigated because, if the price of other assets was tending to fall in terms of money, more money would be diverted into the production of money.

the present money-price of every commodity other than money tends to fall relative to its expected future price.