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.
More from Janet Yellen
All quotes →We need to keep in mind the well-established fact that the full effects of monetary policy are felt only after long lags. This means that policy makers cannot wait until they have achieved their objectives to begin adjusting policy.
Janet YellenRead
A clear lesson of history is that a 'sine qua non' for sustained economic recovery following a financial crisis is a thoroughgoing repair of the financial system.
Janet YellenRead
Transparency concerning the Federal Reserve's conduct of monetary policy is desirable because better public understanding enhances the effectiveness of policy. More important, however, is that transparent communications reflect the Federal Reserve's commitment to accountability within our democratic system of government.
Janet YellenRead
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.
Janet YellenRead
In government institutions and in teaching, you need to inspire confidence. To achieve credibility, you have to very clearly explain what you are doing and why. The same principles apply to businesses.
Janet YellenRead
Similar quotes
You can game the social media in the short run, but not for long.
Seth GodinRead
... you just can't differentiate between a robot and the very best of humans.
Isaac AsimovRead
I was in Bangalore, India, the Silicon Valley of India, when I realized that the world was flat.
Thomas FriedmanRead
You don't have to be young to learn about technology. You have to feel young.
Vint CerfRead
There's a popular saying that the Internet interprets censorship as damage and routes around it. Desire and innovation will trump policy, the argument goes, as clever programmers circumvent controls.
Virginia PostrelRead
I can't blame modern technology for my predilection for distraction, not after all the hours I've spent watching lost balloons disappear into the clouds. I did it before the Internet, and I'll do it after the apocalypse, assuming we still have helium and weak-gripped children.
Colson WhiteheadRead