Claudia Goldin, the Henry Lee Professor of Economics at Harvard University, has been awarded the 2023 Nobel Prize in Economics for her work on women’s labour market outcomes. The award is officially known as the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel. The Royal Swedish Academy of Sciences cited Goldin’s “pioneering research on the long-term evolution of women’s labor market participation and wages, and its causes and consequences.”
Goldin’s work has shed light on a wide range of issues related to women’s labor market participation, including the impact of technological change, education, and social norms. She has shown that women’s labor market participation has increased dramatically over the past century, but that women still earn less than men on average. She has also shown that this gender wage gap is due to a combination of factors, including occupational segregation, discrimination, and the demands of family care.
Goldin’s work has had a major impact on our understanding of the gender wage gap and other issues related to women’s labor market participation. It has also informed public policy debates on issues such as equal pay legislation, childcare subsidies, and parental leave.
Here are some of the key findings from Goldin’s research:
- Women’s labor market participation has increased dramatically over the past century. In the United States, for example, only 20% of women over the age of 16 were employed in 1900, compared to over 60% today.
- However, women still earn less than men on average. In the United States, for example, women earn about 82 cents for every dollar that men earn.
- The gender wage gap is due to a combination of factors, including occupational segregation, discrimination, and the demands of family care.
Goldin’s research has shown that occupational segregation is a major driver of the gender wage gap. Women are more likely to work in lower-paying occupations, such as teaching and nursing, while men are more likely to work in higher-paying occupations, such as engineering and finance.
Goldin has also shown that discrimination plays a role in the gender wage gap. For example, studies have shown that women are often paid less than men for doing the same work.
Finally, Goldin has shown that the demands of family care contribute to the gender wage gap. Women are more likely to take time out of the workforce to care for children and elderly relatives. This can lead to lower labor market experience and earnings for women.
Goldin’s work has had a major impact on our understanding of the gender wage gap and other issues related to women’s labor market participation. It has also informed public policy debates on issues such as equal pay legislation, childcare subsidies, and parental leave.