Although we work through financial markets, our goal is to help Main Street, not Wall Street.
Janet YellenRead
Some degree of inequality in income and wealth, of course, would occur even with completely equal opportunity because variations in effort, skill, and luck will produce variations in outcomes.
Interpretation
What this quote means
Inequality in income and wealth is inevitable due to differences in individual effort, skills, and luck, even when everyone has the same opportunities.
Janet Yellen's quote highlights the reality that despite providing equal opportunities to all individuals, differences in personal effort, innate skills, and even elements of chance will lead to variations in their economic outcomes. This suggests that while equal opportunity is important for a fair society, it cannot fully eliminate the disparities that arise from individual circumstances and behaviors.
Themes
InequalityIncomeWealthOpportunityEffortSkillLuck
In practice
Example use cases
In a debate about economic policies, you might use this quote to emphasize the complexity of addressing income inequality.
More from Janet Yellen
All quotes βWe 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.
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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.
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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.
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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.
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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.
Janet YellenRead
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