American Quote by Janet Yellen
“American workers have faced serious difficulties in the labor market since the first oil shock in 1973. Since that time, the pace of productivity advance has slowed for reasons which are still not understood, lowering the rate at which living standards have advanced.”
About This Quote
Source Speech: Economic Outlook, United States Treasury, 2023
Productivity growth has stalled since the 1973 oil shock, causing slower improvements in living standards.
In simple terms: Productivity slowdown hurts living standards.
Address productivity barriers.
Themes
Mood
Type
When to use this quote
- policy analysis
- business strategy
- education reform
- energy transition
- investment planning
Key Concepts
Questions to Reflect On
- What policies could revive productivity?
- How do energy prices influence long‑term growth?
Complex factors beyond oil shocks also affect productivity.