In the first place it will tend to largely negative the higher aggregate of money wages.
Now the money wages of the ordinary agricultural labourer are 1s.
If the price of corn remained low, money wages would not rise, and general profits could not fall.
If money wages are higher and general prices are lower, how is the laborer affected?
Now, though what you call the real wages of labour (but which I think a wrong term) will increase, the money wages will fall.
There were more reasons than one why "money wages" were feared by the Jamaica planters.
money wages need hardly be considered, although everybody expects a few obols at Christmas and Easter.
All these facts favored a speedy readjustment of money wages to correspond with changed prices.
And there must these labourers go, with their money wages, to buy this same corn, at the enhanced retail price.
The money wages of labour are, I apprehend, generally regulated by facility of production.