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10/10/23 05:06 AM IST

Claudia Goldin awarded the 2023 Economics Nobel Prize for pay-gap work

In News
  • The Nobel Memorial Prize in Economic Sciences, the final prize of this year’s Nobels season, was awarded to Claudia Goldin “for having advanced our understanding of women’s labour market outcomes.”
Sveriges Riksbank Prize in Economic Sciences
  • The economics prize is not one of the original prizes for science, literature, and peace created in the will of dynamite inventor and businessman Alfred Nobel, but a later addition established and funded by Sweden’s central bank in 1968.
  • The first economics prize was awarded the following year and past winners include a host of influential thinkers and academics such Friedrich August von Hayek, Milton Friedman, Amartya Sen, Abhijit Banerjee, and, more recently, economist Paul Krugman.
  • In 2022, a trio of U.S. economists including former Federal Reserve Chair Ben Bernanke won for their research on how regulating banks and propping up failing lenders with public cash can stave off an even deeper economic crisis, like the Great Depression of the 1930s.
  • The prizes are handed out at awards ceremonies in December in Oslo and Stockholm.
  • They carry a cash award of 11 million Swedish kronor (about $1 million). Winners also receive an 18-carat gold medal and diploma.
  • Goldin, a professor at Harvard University, is only the third woman to win the prize, following Elinor Ostrom in 2009 and Esther Duflo in 2019.
About the discovery
  • Goldin combined innovative methods in economic history with an economic approach, demonstrating that the supply and demand for female labor have historically been influenced by their opportunities for combining paid work and a family, decisions relating to education and childrearing,
  • Technical innovations such as the contraceptive pill, laws and norms, and the structural transformation of the economy.
  • The difference in pay between men and women could be reduced if employers allowed employees more flexibility in choosing the hours when they work, Goldin said in a 2014 address to the American Economic Association.
  • Wage gaps are smaller in industries with more flexible schedules, such as healthcare and technology, she said.
Claudia Goldin
  • Born in 1946 in New York, Goldin is a professor at Harvard University who used more than 200 years of data to show that while the pay gaps could historically be explained by differences in education and occupational choices, they now exist mainly between men and women in the same jobs, and arise with the birth of the first child.
Source- The Hindu

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