The Relation between Profits and Wage Rates

Abstract

Professor Phillips has argued that there is a significant relation observable between the level of unemployment and the rate of change of money wage rates in the United Kingdom over the years1861-19571. Mr. Kaldor, while believing that Phillips, . . has established the existence of these relationships , does not believe that the figures, .... support the particular inference which he [Phillips] draws from them. .. .2 Kaldor goes on to state, 1 think his figures are perfectly compatible with the alternative theory-indeed, I am prepared to argue that they provide a better support for that theory than for his own Mr. Kaldor states this alternative theory as follows

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