O.K., so what does standard new classical economics say? You should cut the wages of everybody who works for you. Because there are all the people st… - Janet Yellen
" "O.K., so what does standard new classical economics say? You should cut the wages of everybody who works for you. Because there are all the people standing outside the factory gates, and they have the same skill set as the people who work for you. You should at least be willing, according to this view, if not to hire them, to say to your own workers, ‘If you don’t take a pay cut, I’m going to replace you with them.’ But one goes around, actually talks to firms, and you’ll find that no firm would do that.
English
Collect this quote
About Janet Yellen
Janet Louise Yellen (born August 13, 1946) is an American economist who served as the United States Secretary of the Treasury from 2021 to 2025. She was the Chair of the US central bank, the Federal Reserve System, from 2014 to 2018. She previously served as Vice Chair from 2010 to 2014.
Also Known As
Alternative Names:
Janet Louise Yellen
•
Janet L. Yellen
•
Janet L Yellen
Related quotes. More quotes will automatically load as you scroll down, or you can use the load more buttons.
Additional quotes by Janet Yellen
I felt I wanted to talk about the Fed’s mission, and I wanted to do so in understandable terms, and to emphasize that unemployment is part of our mission. The recession has taken a particularly heavy toll on those who have less education and income—middle-income and low-income families—and the Fed’s concern with the job market is a theme I’ve wanted to get across. Why are we doing all these things that are in the newspapers all the time? I was trying to explain that we’re doing this to help American families who are struggling in the aftermath of the Great Recession.
Loading...