Harvard University professor honoured with Nobel Prize in Economics for understanding women’s labour market dynamics.

On October 9, 2023, the professor from Harvard University, Claudia Goldin, was honored with the prestigious Nobel Prize in Economics for her groundbreaking research on women’s labor market outcomes. Her extensive work, spanning two centuries, has yielded invaluable insights into the historical trends of women’s participation in the labor market and the persistent gender pay gap. This disparity endures even in high-income countries, where women often outperform men in education and qualifications.

Goldin’s meticulous research delved into historical data, uncovering that before industrialization, women actively participated in economic activities related to agriculture and cottage industries. However, as industrialization took hold, work became centralized in factories, making it challenging for women to leave their homes and join the workforce. This pattern began to shift in the early 20th century with the rise of the services sector. Goldin identified key factors influencing women’s access to education and employment, including marriage and the availability of contraceptive pills.

During the early 20th century, societal norms and legislation, such as “marriage bars,” limited married women’s employment opportunities, contributing to the gradual reduction of the gender gap in employment rates. Women’s career expectations, often influenced by their mothers’ experiences, significantly shaped their educational and professional choices. The advent of accessible contraceptive pills in the 1960s empowered women to plan their careers and motherhood effectively. Women started pursuing diverse fields such as law, economics, and medicine. Despite these advancements, the gender-based pay gap persisted, aggravated by the disproportionate burden of parenting responsibilities borne by women. Monthly pay contracts further widened the gap, as women’s career progression slowed down due to their parental duties.

Claudia Goldin’s recognition with the Nobel Prize in Economics underscores her substantial contributions to understanding women’s labor market dynamics. Her research not only illuminated historical trends but also highlighted the urgent need to address societal and policy barriers to achieve gender equality in the workplace. It is noteworthy that the Nobel Prize in Economics, officially known as the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, was established in 1968 based on a donation from Sweden’s central bank, Sveriges Riksbank.

Claudia Goldin now joins the esteemed ranks of Nobel laureates, becoming the third woman to receive this prestigious honor, following Elinor Ostrom in 2009 and Esther Duflo in 2019. Goldin’s work continues to inspire efforts toward a more equitable future, where women’s contributions in the labor market are fully recognized and justly rewarded, fostering a society where gender disparities are a thing of the past.

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