Economy Current Affairs-Claudia Goldin wins Nobel Prize in Economics

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Economy Current Affairs-Claudia Goldin wins Nobel Prize in Economics

Claudia Goldin wins the 2023 Nobel Prize in Economics.
The Royal Swedish Academy of Sciences announced Goldin’s win on October 9th.
The award recognized her research on women’s contribution to the labor market.
Goldin provided a comprehensive account of women’s earnings and labor market participation throughout history.
Her studies reveal the reasons behind changes and sources of the remaining gender gap.
Claudia Goldin was awarded “for advancing our understanding of women’s labor market outcomes.”
She is the 55th recipient and the third woman to win the Economics Nobel since 1969.
The 2023 Nobel awards season comes to an end with Goldin’s recognition.
Goldin’s research brought forth new, often surprising, facts about women in the labor market.
The Academy lauds Goldin for deepening our understanding of factors affecting women’s labor market opportunities.
Goldin’s research emphasizes how women’s choices are influenced by marriage and family responsibilities.
One key observation is that choices affecting careers are based on expectations that can later change.
Goldin’s findings are relevant not just in the US, but have similarities in other countries as well.
Her work sheds light on labor markets of the past, present, and future.
Goldin discovered that female labor market participation showed a U-shaped curve over 200 years.
Participation of married women dipped during the transition from agrarian to industrial society.
However, it rose again with the growth of the service sector in the early twentieth century.
This shift was attributed to structural changes and evolving norms around women’s domestic roles.
In the previous year, the Economics Nobel went to Ben Bernanke, Douglas Diamond, and Philip Dybvig.
The Nobel Prize in Economics, not part of Alfred Nobel’s original 1896 will, is sometimes called the “false Nobel”.