In Keynes' view, the peculiar characteristics of a developed monetary economy account for unemployment. Keynes denies and the classical school asserts that wage cuts can be a significant factor in restoring full employment when there is widespread unemployment. Although Keynes assumes for the purpose of analysis that prices fall in proportion to the fall in money wages, leaving real wage rates unchanged, his argument does not hinge on the validity of this assumption. He never denies the possibility of some decline in real wages as a consequence of money-wage cuts. He does not even say that wage cuts can never result in some increase in employment. What he does deny most emphatically is that wage cuts are of practical significance in restoring higher levels of employment.