Cecil Pigou and Franco Modigliani objected that if demand were successfully increased, the money wage level would rise, catch up to demand, and thus push employment back down to its previous level. Employment cannot be sustained above its equilibrium path by inflating effective demand.
塞希尔·皮古（Cecil Pigou）和弗兰科·莫迪利安尼（Franco Modigliani）对此表示反对，如果能够成功扩大需求，货币工资的水平将会随之上升，直达需求水平，然后就会将就业率重新推回到原来水平。就业率无法通过扩大有效需求而维持在均衡路径水平之上。