I'll just continue as before: reduced bond holdings and short bond durations.Does that at all play into your Asset Allocation?
+1I'll just continue as before: reduced bond holdings and short bond durations.
It is well known that a small number of talented workers stand out head and shoulders above their peers. They (rightly) get paid well and don't need to break a sweat (although some still do). That doesn't invalidate the proposition that people paid minimal wages may not be motivated. Some still will but the stats may show that a large majority are demotivated. I am guessing if the Yellens won the Nobel their research must have been pretty solid.Yellen's claim to fame seems to be an article she co-wrote in Nobel Prize winning husband that said if people don't get paid a "fair" wage they don't work hard. I think that's laughable. I get paid an unholy amount of money and actually do very little. What's scary is that I have a good reputation for quality and meeting objectives. Project managers specifically request me.
I'll just continue as before: reduced bond holdings and short bond durations.
I worked the hardest when I was at or near minimum wage. The fast food restaurant would fire anyone that didn't work hard enough. The painting contractor I worked for was the same.It is well known that a small number of talented workers stand out head and shoulders above their peers. They (rightly) get paid well and don't need to break a sweat (although some still do). That doesn't invalidate the proposition that people paid minimal wages may not be motivated. Some still will but the stats may show that a large majority are demotivated. I am guessing if the Yellens won the Nobel their research must have been pretty solid.
.... That conclusion of not working hard without "fair" pay is consistent with her likely political beliefs. ...
I have no PhD in economics but I have seen continuous slacking amongst my coworkers on every job I've been on no matter what the pay. People work harder when they have some displeasure with their next best alternative to that job. Nothing like a round of performance based layoffs to tighten up the work ethic.
When I worked in a manufacturing setting, I was always amazed at workers with high school or jr college educational levels compaining how they weren't paid what they were worth. By current wage scales they were making around $80-90 K/yr. Every so often one of the would go off on how economically disadvantaged they were. I loved pointing out to them what the median wage was for the US. I also let them know they were in or very nearly in the top 10% of wage earners. Plus, an employed spouse would guarantee they were in the top 10%.Exactly. I also have no PhD in economics, but aren't there also those studies that people get accustom to a certain level of pay, and there are diminishing returns?