Janet Yellen Quote

O. K., so what does standard new classical economics say? You should cut the wages of everybody who works for you. Because there are all the people standing outside the factory gates, and they have the same skill set as the people who work for you. You should at least be willing, according to this view, if not to hire them, to say to your own workers, 'If you don't take a pay cut, I'm going to replace you with them.' But one goes around, actually talks to firms, and you'll find that no firm would do that.

The Hand on the Lever (2014)