Will Phillips’s work on wages gave them no choice. But they still insisted that steady increases of demand at a fast enough rate would keep demand one step ahead of the money wage level, so that employment could be kept as high as desired, albeit at the cost of steady inflation.
直到1950年后期，新凯恩斯学派才最终同意皮古和莫迪利安尼提出的观点。威尔·菲利普斯（Will Phillips）对工资的研究著作让他们无从选择。但是他们仍然坚持，如果需求以一个足够快的速度保持稳健的增长势头，那将使需求水平始终领先于货币工资水平，因此就业率就能如希望的那样居高不下，尽管这得以持续的通货膨胀为代价。