Claudia Goldin Becomes First Woman To Win Economics Nobel Unshared

This year, the Nobel Prize in Economics has been granted to Claudia Goldin, an American economic historian, in recognition of her contributions to the study of women's employment and compensation.

She is only the third female recipient of this prestigious award and notably, the first to receive it without sharing it with male co-winners.

Goldin's Research That Won Her Nobel

The Nobel laureate won the award for her work in advancing women's labour market and the outcomes. According to the Royal Swedish Academy of Sciences, her research involves an in-depth analysis of two centuries' worth of data on the American labour force, illustrating the evolution of gender disparities in income and employment rates, and elucidating the reasons behind these shifts.

It is the first all-encompassing record of women's income and their involvement in the labour market across various historical periods.

In her research, it was discovered that with the onset of industrialization in the 1800s, married women began to reduce their workforce participation. However, in the 1900s, as the service sector expanded, their employment rates increased once more.

The advancement of women's education and the availability of the contraceptive pill hastened these transformations, yet the gender wage disparity persisted.

According to Goldin's research, as the 20th century began, approximately 20% of women were in the workforce, but the proportion of married women who were employed stood at only 5%.

Goldin observed that regulations referred to as "marriage bars" frequently hindered married women from maintaining their careers as educators or office professionals. Despite a growing need for labour, these policies excluded married women from certain segments of the job market.

Another significant factor contributing to the gradual narrowing of the disparity between men's and women's employment rates was women's anticipations regarding their future professional trajectories.

On a global scale, approximately half of women are engaged in the workforce, whereas the participation rate for men stands at around 80%. Nevertheless, women tend to earn less and are less inclined to reach the highest rungs of the professional hierarchy, as highlighted by the prize committee.

Goldin Expresses Her Surprise

The Nobel laureate shared with the Nobel committee her first reaction to the win. Although she went ahead with her day as usual, she was pleasantly surprised. In her call with the Nobel Prize Organization, Goldin said, "It’s an award for big ideas and for long-term change. The Nobel is often given for extraordinarily important findings and ideas, often theoretical, but there have been prizes awarded for what I call big ideas and long-term change."

She further talked about her mentors and teachers and shared that she is a third-generation Nobel since Bob Fogel, who won a Nobel Prize in Economic History and was a student of Simon Kuznets, another Nobel winner. 

Calling her research detective work, and herself a detective, Goldin recounted that she published the research paper titled 'The Economist as Detective.' 

"It’s dirty work. But the point is, being a detective means that you have a question. And the question is so important that you will go to any end to find it. In addition, a detective always believes that there is a way of finding the answer. And that’s the way I have always done research."

Watch her first reaction here

Suggested Reading: Who Is Claudia Goldin And Why Did Nobel Academy Call Her A 'Detective'