At the same time the expectation of relative stability in the future money-cost of output might not be entertained with much confidence if the standard of value were a commodity with a high elasticity of production.

同时，如果价值标准是一种具有高生产弹性的商品，那么对未来产出货币成本相对稳定的预期可能不会有太大的信心。

I conclude, therefore, that the commodity, in terms of which wages are expected to be most sticky, cannot be one whose elasticity of production is not least, and for which the excess of carrying-costs over liquidity-premium is not least.

因此，我的结论是，根据预期工资粘性最强的商品，其生产弹性不可能是最小的，持有成本超过流动性溢价的部分也不是最小的。