Thus Professor Pigou believes that in the long run unemployment can be cured by wage adjustments; whereas I maintain that the real wage (subject only to a minimum set by the marginal disutility of employment) is not primarily determined by 'wage adjustments' (though these may have repercussions) but by the other forces of the system, some of which (in particular the relation between the schedule of the marginal efficiency of capital and the rate of interest)