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Claudia Goldin receives Nobel Prize in Economics

News On Time Desk 11 October 2023

Stockholm: American economic historian Claudia Goldin has been awarded this year's Nobel Prize in Economics for her distinguished contributions to the field of women's employment and wages.

Ms Goldin, 77, is the third woman to receive the award, and the first not to share the award with male colleagues, the BBC reported on Tuesday. He currently teaches 'Labour Market' History at Harvard University in the US.

The Royal Swedish Academy of Sciences said that through her research, Professor Goldin has revealed the key factors behind the gender pay gap.

They advance our understanding of the labor market consequences for women, the body that awards the Nobel Prize said in a statement. Her research examining 200 years of data on the American workforce demonstrated why and how the gender gap in wages and employment rates changed over time.

Ms. Claudius presents the first comprehensive account of women's wages and labor market participation over the centuries. Their research reveals the causes of change as well as the main sources of gender differences.

Her research showed that married women worked less after industrialization arrived in the 1800s but that their employment increased as the service economy grew in the 1900s. Higher education and contraceptive pills boosted women's potential but the gender pay gap persisted.

The pay gap between men and women has historically been blamed on educational and career choices but Professor Goldin found that the current pay gap is now largely due to having a child.

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Claudia Goldin receives Nobel Prize in Economics

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