Thus, in addition to the final critical point of full employment at which money-wages have to rise, in response to an increasing effective demand in terms of money, fully in proportion to the rise in the prices of wage-goods, we have a succession of earlier semi-critical points at which an increasing effective demand tends to raise money-wages though not fully in proportion to the rise in the price of wage-goods.
—from The General Theory of Employment, interest and Money, a book by J. M. Keynes
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