Customer Quote by Janet Yellen
“The Federal Reserve's objectives of maximum employment and price stability do not, by themselves, ensure a strong pace of economic growth or an improvement in living standards. The most important factor determining living standards is productivity growth, defined as increases in how much can be produced in an hour of work.”
About This Quote
Source Speech: Remarks at Economic Club of New York, 2022
Productivity growth, not just employment or price stability, drives living‑standard improvements.
In simple terms: Productivity is key to better living standards.
Key Takeaway
Focus on boosting output per hour.
Themes
economics
productivity
living standards
Mood
analytical
concerned
Type
policy
economic
When to use this quote
- business strategy
- government policy
- education reform
- technology investment
Key Concepts
growth theory
macro policy
labor economics
Questions to Reflect On
- How can policies better translate productivity gains into higher wages?
- What sectors show the most untapped productivity potential?
A Different Perspective
Productivity gains can be uneven and may not translate to immediate wage growth.
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