American - Public | August 13, 1946 -
Strapped by tight credit and plummeting sales, businesses have overhauled the way they manage supply chains, inventory, production practices and staffing.
Janet Yellen
CreditChainsWaySalesProduction
Stores don't order merchandise unless they think they can sell it right away. Manufacturers and builders don't produce unless they have buyers lined up. My business contacts describe this as a paradigm shift and they believe it's permanent.
BusinessBelieveThinkRightUp
Will capitalist economies operate at full employment in the absence of routine intervention? Certainly not. Are deviations from full employment a social problem? Obviously.
ProblemRoutineWillEmploymentFull
We need to increase the transparency of shadow banking markets so that authorities can monitor for signs of excessive leverage and unstable maturity transformation outside regulated banks.
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In the long run, outsourcing is another form of trade that benefits the U.S. economy by giving us cheaper ways to do things.
GivingLongRunEconomyTradeUs
People stop buying things, and that is how you turn a slowdown into a recession.
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Productivity growth, however it occurs, has a disruptive side to it. In the short term, most things that contribute to productivity growth are very painful.
GrowthShortSideThingsPainful
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.
PeopleMeInequalitySeriouslyRisk
Uncertainty about sales impedes business planning and could harm capital formation just as much as uncertainty about inflation can create uncertainty about relative prices and harm business planning.
BusinessUncertaintyPlanningCreate
While admirers of capitalism, we also to a certain extent believe it has limitations that require government intervention in markets to make them work.
WorkGovernmentCapitalismBelieve
Business students are very oriented to playing a role in the real world and accomplishing something, not training themselves to be scholars and contribute to the literature. Teaching in that kind of environment has focused me much more on the real world, how pieces of the theory I know can be applied to real-world situations.
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In government institutions and in teaching, you need to inspire confidence. To achieve credibility, you have to very clearly explain what you are doing and why. The same principles apply to businesses.
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