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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.” quote by Janet Yellen
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“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.”

Janet Yellen

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.

Key Takeaway

Address productivity barriers.

Themes

economics labor markets productivity living standards

Mood

concerned analytical

Type

analytical policy economic

When to use this quote

  • policy analysis
  • business strategy
  • education reform
  • energy transition
  • investment planning

Key Concepts

macroeconomics energy shocks technological stagnation

Questions to Reflect On

  • What policies could revive productivity?
  • How do energy prices influence long‑term growth?
A Different Perspective

Complex factors beyond oil shocks also affect productivity.

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