When Alan Greenspan (former chairman of the US Federal Reserve) ran an economic consulting firm in the 1960s, he hired primarily female economists. He once told The New York Times, ‘I always valued men and women equally, and I found that because others did not, good women economists were cheaper than men.’ Is Greenspan’s behaviour profit-maximizing? Is it admirable or despicable? If more employers were like Greenspan, what would happen to the wage differential between men and women? Why might other economic consulting firms at the time not have followed Greenspan’s business strategy?