Janet Yellen: Economics

Janet Yellen is American economist and professor. Explore interesting quotes on economics.

Janet Yellen: 8 quotes 1 like

“[New classical economics] was the starting point for a rightward shift in economics that went against the idea that monetary policy can improve macroeconomic outcomes.”

Janet Yellen

The Hand on the Lever (2014)

Idea

“Economics is a subject that really relates to core aspects of human well-being, and there’s a methodology for thinking about these things. This was a very appealing combination to me. Market systems are capable of massive breakdowns that can result in long, devastating periods of high unemployment. And I felt that economists had really learned something about how to address that.”

Janet Yellen

The Hand on the Lever (2014)

Thinking , Learning

“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.”

Janet Yellen

The Hand on the Lever (2014)

People