Claudia Goldin receives Economics Nobel Prize for research on Women in Labour Market

By: WE Staff | Tuesday, 10 October 2023

Professor at Harvard University, Claudia Goldin received the Economics Nobel Prize on Monday for her study of women's income and employment.

According to the Royal Swedish Academy of Science, Claudia "uncovered key drivers of gender differences in the labor market.". Claudia was able to show the differences that education and occupation historically accounted for a large portion of the gender pay gap after studying more than 200 years of US data.

Claudia has also demonstrated that the majority of this gender pay gap now exists between men and women in the same profession and that it primarily develops in women after giving birth to their first child.

The Chairperson of the committee for the Economic Sciences Prize, Jakob Svensson said that society should be aware that it is crucial to fit women into the labor market. The underlying causes and barriers are known with the help of Claudia's research and it needs to be removed in the coming time.

Claudia Goldin hails from New York and became the third woman to receive the Nobel Prize in Economics. She is a co-director of the Gender in the Economy working group at the National Bureau of Economic Research in the United States as well as the Henry Lee Professor of Economics at Harvard University. She has written several books but her research on the history of women in the US economy is what gave her recognition.

The award was given to Douglas Diamond, a fellow American economist, and Philip Dybvig, a former governor of the US Federal Reserve last year for their work in the early 1980s that provided an understanding of why banks are necessary, the primary vulnerabilities and how their failure can bring financial instabilities.