Although we work through financial markets, our goal is to help Main Street, not Wall Street.
Janet YellenRead
For decades, the pace of technological change in manufacturing has outstripped that in the economy as a whole. And, so, firms - manufacturing firms - have found it easier to continue producing by - with - reducing their workforces.
Interpretation
What this quote means
Technological advances in manufacturing have outpaced overall economic growth, leading firms to reduce their workforce.
Janet Yellen's quote highlights a significant trend in the manufacturing sector where rapid technological innovation has resulted in increased efficiency and productivity. This progress, however, often comes at the cost of employment, as firms find it more feasible to automate processes and reduce their workforce rather than hire more workers, ultimately reflecting the challenges faced in the broader economic landscape influenced by such advancements.
Themes
TechnologyManufacturingWorkforceInnovationEconomy
In practice
Example use cases
During a conference on the future of work, this quote can be used to illustrate the impact of automation.
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Inequality has risen to the point that it seems to me worthwhile for the U.S. to seriously consider taking the risk of making our economy more rewarding for more of the people.
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