American economist Claudia Goldin was awarded the Nobel Prize in Economics on Monday for her groundbreaking research on the contribution of women in the labour market.
The Harvard professor, being the third woman to be awarded the prestigious economics prize, was given the approval ‘for having advanced our understanding of women’s labour market outcomes,’ the jury said.
‘Her research reveals the causes of change, as well as the main sources of the remaining gender gap,’ it added in a statement.
The prize committee pointed out that worldwide, roughly 50 percent of women engage in the labour market, in contrast to 80 percent of men, yet women earn less and face greater challenges in reaching the pinnacle of their careers.
The Nobel Prize in Economics has seen the least gender diversity among all Nobel categories, with only two women, Elinor Ostrom in 2009 and Esther Duflo in 2019, being recognized as laureates since its establishment in 1969, as highlighted by the prize committee.
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The jury highlighted that Goldin’s works ‘provided the first comprehensive account of women’s earnings and labour market participation through the centuries.’
The Nobel Prize in Economics for the previous year was granted to US economists Douglas Diamond and Philip Dybvig, along with former Federal Reserve chief Ben Bernanke, for their pivotal research on the functioning of banks in times of financial instability.
The Nobel Prize in Economics, initiated by the Swedish central bank, is the exception among the original five Nobel Prizes created by scientist Alfred Nobel, which has earned it the nickname of the “Fake Nobel.”
The selection of the economics prize recipient, just like the other scientific accolades, falls under the purview of the Royal Swedish Academy of Sciences, and the process for identifying potential candidates remains consistent.
Like the rest of the Nobel Prizes, the economics award includes a gold medal, a diploma, and a prize amount of 11 million Swedish kronor (about $1 million). The laureates are celebrated at a lavish ceremony in Stockholm, where they receive their awards from King Carl XVI Gustaf.