The Nobel Prize in Economics has been awarded to American economic historian Claudia Goldin for having advanced understanding of women’s labour market outcomes, the Royal Swedish Academy of Sciences said on Monday.<\/p>\n\n\n\n
The prestigious award, previously known as the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, is the last of this year’s crop of Nobel prizes and is worth 11 million Swedish crowns, approximately $999,137.<\/p>\n\n\n\n
In a tweet, the academy mentioned that Claudia Goldin provided the first comprehensive account of women\u2019s earnings and labour market participation through the centuries. Goldin\u2019s research revealed the causes of change and the main sources of the remaining gender gap.<\/p>\n\n\n\n
It added that women are vastly underrepresented in the global labour market and, when they work, they earn less than men. Goldin trawled the archives and collected more than 200 years of data, allowing her to demonstrate how and why gender differences in earnings and employment rates have changed.<\/p>\n\n\n\n
Claudia Goldin further showed that female participation in the labour market did not have an upward trend over a 200 year period, but instead formed a U-shaped curve. The participation of married women decreased with the transition from an agrarian to an industrial society in the early nineteenth century, but then started to increase with the growth of the service sector in the early twentieth century. Goldin explained this pattern is the result of structural change and evolving social norms regarding women\u2019s responsibilities for home and family.<\/p>\n\n\n\n
The first economics prize was awarded in 1969 and the past winners include a host of influential thinkers and academics such Friedrich August von Hayek, Milton Friedman and, more recently, U.S. economist Paul Krugman.<\/p>\n\n\n\n
Previous year, a trio of US economists including former Federal Reserve Chair Ben Bernanke won for their research on how regulating banks and propping up failing lenders with public cash can stave off an even deeper economic crisis, citing the example of the Great Depression of the 1930s.<\/p>\n","protected":false},"excerpt":{"rendered":"
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