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October 9, 2023

Harvard University's Claudia Goldin gets the Nobel Prize in Economics for advancing the Understanding of Women's Labour Market Outcomes.

Nobel Prize Economics 2023

Photo: Nobel Prize in Economics 2023 winner Claudia Goldin of Harvard University. Image provided by & credit Niklas Elmehed © Nobel Prize Outreach.

Stockholm, October 09, 2023 — The Royal Swedish Academy of Sciences has decided to award the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2023 to Claudia Goldin, Harvard University, USA, “for having advanced our understanding of women’s labor market outcomes.” She uncovered vital drivers of gender differences in the labor market.

Goldin’s comprehensive account of women’s earnings and labor market participation over the centuries revealed the causes of change and the sources of the remaining gender gap. Her research showed that female participation in the labor market did not have an upward trend over this period but formed a U-shaped curve.

The involvement of married women decreased with the transition from an agricultural to an industrial society in the early nineteenth century. Still, it then started to increase with the growth of the service sector in the early twentieth century.

Nobel Prize, Economicsf

Goldin’s explanation of this pattern as the result of structural change and evolving social norms regarding women’s responsibilities for home and family is an essential contribution to the field. Women are still underrepresented in the global labor market, and when they work, they earn less than men. Goldin’s research, which collected over 200 years of data from the US, demonstrates how and why gender differences in earnings and employment rates have changed over time.

During the twentieth century, women’s education levels continuously increased, and in most high-income countries, they are now substantially higher than men’s.

Despite modernization, economic growth, and rising proportions of employed women in the twentieth century, the earnings gap between women and men hardly closed for an extended period.

Jakob Svensson, Chair of the Committee for the Prize in Economic Sciences, remarked, “Understanding women’s role in the labor is important for society. Thanks to Claudia Goldin’s groundbreaking research, we know more about the underlying factors and which barriers may need to be addressed.”

Source: Nobel Prize Outreach

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Edited & Posted by the Editor | 2:05 PM | Link to this Post

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