US Economist Claudia Goldin Awarded 2023 Nobel Prize In Economics

The 2023 Nobel Prize in Economics has been awarded to US labour economist Claudia Goldin for having advanced our understanding of women's labor market outcomes. 

Hans Ellegren, Secretary-General, Royal Swedish Academy of Sciences, announced the award on October 9 in Stockholm.  

• Goldin is only the third woman to win the Nobel Prize in Economics. Other two are Elinor Ostrom (2009) and Esther Duflo (2019). 

Claudia Goldin and Her Work

Claudia Goldin was born 1946 in New York USA she had done PhD from University of Chicago. Currently serving as Professor at Harvard University, Cambridge.

She will be given Prize amount of 11 million Swedish kronor.

About Her Work: Understanding Women’s Participation in Labour Market

Women are vastly underrepresented in the global labour market and, when they work, they earn less than men. 

• Goldin showed that female participation in the labour market did not have an upward trend over this entire 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 as the result of structural change and evolving social norms regarding women’s responsibilities for home and family.
• Despite modernisation, economic growth and rising proportions of employed women in the twentieth century, for a long period of time the earnings gap between women and men hardly closed. 
• Historically, much of the gender gap in earnings could be explained by differences in education and occupational choices. However, Goldin has shown that the bulk of this earnings difference is now between women in the same occupation, and that it largely arises with the birth of the first child.

2022 Nobel Prize in Economics

The Nobel Prize in Economics in 2022 was given to US economists Douglas Diamond and Philip Dybvig together with former Federal Reserve chief Ben Bernanke for research on banks in times of turmoil.

First Nobel In Economics

The first prize in economics was awarded in 1969 to Ragnar Frisch and Jan Tinbergen "for having developed and applied dynamic models for the analysis of economic processes".

First Nobel Prize

Jean Henri Dunant and Frederic Passy, both remarkable in their own right, were the first Nobel Prize winners in the world who received the Nobel Peace Prize in 1901.

First Indian to win Nobel Prize

The first Indian Nobel laureate was Rabindranath Tagore, who won the Nobel Prize in Literature in 1913. 

About Nobel Prize in Economic Sciences

• In 1968, Sveriges Riksbank (Sweden’s central bank) established the Prize in Economic Sciences in Memory of Alfred Nobel, founder of the Nobel Prize. 
• The prize is based on a donation received by the Nobel Foundation in 1968 from Sveriges Riksbank on the occasion of the bank’s 300th anniversary. 
• The prize in economic sciences is awarded by the Royal Swedish Academy of Sciences, Stockholm, Sweden, according to the same principles as for the Nobel Prizes that have been awarded since 1901.

Indians who Received Nobel In Economics

Amartya Sen is the only Indian Economist awarded the Nobel Memorial Prize in Economic Sciences in 1998.

• Abhijit Banerjee is Indian Born American Economist who shared the 2019 Nobel Memorial Prize in Economic Sciences with Esther Duflo and Michael Kremer, "for their experimental approach to alleviating global poverty".