Claudia Goldin Third Woman to Become a Nobel Economist

The role of women in the global labor market has undergone a profound transformation over the years. From the early struggles for workplace inclusion and recognition to the persistent gender pay gap, it’s been a journey marked by both triumphs and challenges. 

Historically, women have battled against deeply entrenched stereotypes and societal expectations that relegated them to domestic spheres and caretaking roles. Fast forward to today and women have made substantial strides in various professional domains and industries. However, the echoes of gender inequality persist. According to the World Economic Forum's Global Gender Gap Report 2023¹, we are still 131 years away from closing the global gender gap and the global gender wage gap was 11.9 percent in 2021², according to a Catalyst report.

Women’s educational achievements have soared in the last 25 years, as evidenced by UNESCO³’s Global Education Monitoring Report from 2020. Female enrolment tripled in tertiary education since 1995⁴ and globally, equal numbers of boys and girls have enrolled in secondary education⁵. Despite this progress, women still fare significantly worse in the labor market. The International Labour Organization (ILO), women’s labor force participation was 47.4 percent in 2022, compared with 72.3 percent for men⁶. This gap means that for every economically inactive man, there are two such women⁷, according to the report.

Unpaid care work also disproportionately falls on women globally. According to UN Women, women spend more than twice the time on unpaid care and domestic work than men⁸. Women also have the motherhood wage penalty, a well-documented phenomenon where women who have children experience a significant wage decrease compared to women without children and men with or without children⁹. The gender gap in entrepreneurship is also substantial as highlighted by the Global Entrepreneurship Monitor, which reports that one out of every three entrepreneurs is a woman¹⁰. While women’s representation in senior management roles rose to its highest ever number reported in 2021, that number is still just 31 percent¹¹.

This year, labor economist Claudia Goldin became a Nobel economist¹², making her just the third woman ever to be awarded the prize and the only woman to receive the prize unshared. It’s a triumph not only for female economists, but for all working women.

Goldin, through her research, has played a pivotal role in elucidating the nuanced factors that reinforce these persistent disparities. Her work on the gender pay gap, for example, has provided crucial insights into the complex interplay of career choices, societal expectations, and workplace structures that contribute to the observed differentials in earnings between men and women.

The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2023 was awarded to Goldin for “having advanced our understanding of women’s labour market outcomes” but Goldin has long since been known and celebrated for her work on women and the economy. Her research not only challenges prevailing narratives but also provides actionable insights for policymakers and advocates seeking to address gender disparities in the workforce. She has researched and written on topics ranging from the gender pay gap, the flexibility of occupational choices for women, the role of education and marriage, the impact of the contraceptive pill on women’s careers and marriage decisions, the motherhood penalty, and global perspectives on women in the workforce.

As we celebrate Goldin as the newest Nobel Laureate, it’s essential to recognize the depth and breadth of her contributions, which continue to shape conversations and drive progress in the pursuit of gender equality. It is not merely an accolade for an individual but a celebration of the collective effort to balance out gender dynamics in the labor markets. May we all use this moment to move the conversation of gender equality forward.

¹Global Gender Gap Report, World Economic Forum

²Women’s Earnings: The Pay Gap, Catalyst

³Global Education Monitoring Report, UNESCO

⁴Global Education Monitoring Report, key findings, UNESCO

⁵ Global Education Monitoring Report, key findings, UNESCO

⁶World Employment and Social Outlook Trends 2023, International Labor Organization

⁷ World Employment and Social Outlook Trends 2023, International Labor Organization

⁸Facts and Figures: Economic Empowerment, UN Women

⁹The Motherhood Penalty, American Association of University Women

¹⁰Global Entrepreneurship Monitor 2022/23 Women’s Entrepreneurship Report

¹¹Women in Management, Catalyst

¹² Nobel Prize press release