Janet Yellen, the former Chair of the Federal Reserve, is married to George A. Akerlof, an economist who received the No
Posted: Sun Jun 05, 2022 12:13 pm
Janet Yellen, the former Chair of the Federal Reserve, is
married to George A. Akerlof, an economist who received the Nobel
Prize in Economics. When they hired babysitters in the 1980s, they
decided to pay wages that were higher than the going wage
babysitters were earning in their local community. Even though they
could have hired babysitters at a lower wage, they chose to pay
more. What economic reasons are there to explain this decision to
pay the higher wage?
married to George A. Akerlof, an economist who received the Nobel
Prize in Economics. When they hired babysitters in the 1980s, they
decided to pay wages that were higher than the going wage
babysitters were earning in their local community. Even though they
could have hired babysitters at a lower wage, they chose to pay
more. What economic reasons are there to explain this decision to
pay the higher wage?