Claudia Goldin, an American economic historian, has been honored with this year's Nobel Prize in Economics for her groundbreaking work in the field of women's employment and pay, making
her the third woman to ever receive the prize and the first to do so without sharing it with male colleagues. Currently, a professor of labor market history at Harvard University in the United States, the 77-year-old academic has significantly contributed to understanding the factors behind the gender pay gap, as recognized by the Royal Swedish Academy of Sciences.
The Royal Swedish Academy of Sciences acknowledged that Prof Goldin's research has unveiled critical drivers of the gender pay disparity. Her extensive study delves into two centuries of data on the American workforce, elucidating how and why gender disparities in earnings and employment rates have evolved over time.
In a statement, the awarding body stated, "This year's Laureate in the Economic Sciences, Claudia Goldin, provided the first comprehensive account of women's earnings and labor market participation through the centuries. Her research reveals the causes of change, as well as the main sources of the remaining gender gap."
Prof Goldin's research findings indicate that during the 1800s, married women reduced their workforce participation with the advent of industrialization. However, their employment rates saw an upturn in the 1900s as the service sector expanded. The progress in women's education and the availability of contraceptive methods accelerated these changes, yet the gender pay gap persisted. Prof Goldin's investigations have shown that the current wage disparity between men and women is primarily attributed to the impact of motherhood.
Randi Hjalmarsson, a member of the prize committee, noted the substantial societal implications of Claudia Goldin's discoveries, highlighting her role as a "detective" whose work lays the groundwork for policymakers worldwide in addressing gender-related issues.
Globally, approximately 50% of women participate in the labor market, in contrast to 80% of men. Despite their active involvement, women tend to earn less and face greater challenges in advancing to leadership positions, as underscored by the Nobel Prize committee.
Claudia Goldin, who became the first woman to attain tenure in Harvard's economics department in 1989, has consistently advocated for a more inclusive image of economics. In 2018, she discussed the field's image problem, emphasizing that students often perceive economics as finance and management-oriented, which tends to deter women. She asserted that portraying economics as a discipline focused on addressing issues such as inequality, health, household behavior, and society could attract a more balanced representation of both genders.
It is worth noting that the Nobel Prize in Economic Sciences, distinct from the original Nobel prizes, was established in 1968 and funded by Sweden's central bank, the Sveriges Riksbank. Elinor Ostrom became the first woman to win the economics prize in 2009, sharing it with Oliver E Williamson for their research on economic governance. In 2019, Esther Duflo was jointly awarded the prize with her husband Abhijit Banerjee and Michael Kremer for their work focusing on impoverished communities in India and Kenya. Photo by Editing1088, Wikimedia commons.