KEYNESIANISM 5 clearly a downward movement, and we want to focus on this aspect of Keynes's economics for a white. It jis curious that such an important aspect of the process of the adjustment of the economy his been either overlooked or underplayed. Often, in the literature, the oversight is sought to be justified by claiming that it has been created by Keynes's suggestion that money-wages and prices move together—a suggestion given the name of "Wage Theorem". This excuse is not very convincing for the following reasons. The so-cilied "Wage Theorem", as suggested by Keyncs himself, is a statement regarding the relation between money-wage and price^ when there i^ It is possible to argue that in their excitement over the feasible-looking package against recessions, the economists either ignored or conspired a silence over the less palatable aspect of this package, namely, that the limited success in coming out of a recession is bought at the cost of a further deterioration in the living standards of the working class. A distinct tendency among the more sensitive of the Keynesians has been to accept Keynes's theory of effective demand and to drop the embarrassing marginal product theory of distribution of Keynes.') We shall have an occasion at a later point in this essay to discuss at some length the position of these economists.For now, we would like to comment, anticipating a point that is yet to be developed, that while this latter line of thinking rejects the marginal product theory of value and distribution, it fails at the same time to develop a scientific theory of distribution in a capitalist economy. In result,