The Royal Swedish Academy of Sciences has announced the award of the Nobel Prize 2023 to Claudia Goldin for advancing our understanding of women’s labor market outcomes. Claudia Goldin presents many surprising facts about women’s labor by compiling and correcting historical data. She explains the factors that affect women’s opportunities in the labor market and how in-demand their work is. Claudia Goldin is an American economist.
Study to develop understanding of labor market
Claudia Goldin’s study reaches beyond America’s borders and her research gives us a better understanding of the labor markets of yesterday, today, and tomorrow. At the center of her study is the fact that women’s choices have often been and will always be limited to the responsibilities of marriage, home and family. Goldin’s study also taught us that change takes time. Claudia Goldin has shown in her study that there is a huge difference in the earnings of men and women when a woman gives birth to her first child and this difference persists even today.
Women’s participation in the labor market decreased
He has shown in his study that despite modernization, economic development and the increasing proportion of women in the labor sector in the twentieth century, the earning gap between women and men has hardly decreased over a long period of time. Claudia Goldin has pointed out that female participation in the labor market did not trend upward over a 200-year period, but rather formed a U shape. The participation of married women declined in the early nineteenth century with the transition from an agrarian society to an industrial sector, but then began to increase in the early twentieth century with the development of the service sector. Goldin explains this pattern as the result of structural change and evolving social norms regarding women’s responsibilities for home and family.
Nobel Prize for Economics awarded to Claudia Goldin