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1.有效wage的内容:reverse previous belief
【观点】higher wages导致increased productivity,两者互为cause and result
基于premise:productivity 提升和work duration(决定labor productivity)相关
2. 【观点】Reduced workweek 在EW theory中有greater benefits:除了Stabilizing employment(原来)
【解释1】最优work week现在workers的productivity& their children的
3.【解释2】 HF的high wages成为经济标准和EF theory的ascendancy基础,但其第二本质work time reduction被忽略
4.【进一步解释/总结】work time reduction 与higher wages本质一样,但more numerous
宏观经济benefits:more time to consume more goods &more expensive goods (short term to aggregate demand & long term to standard of living)
Short term: more productive
Long-term: children获得父母human-capital investments
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