{"id":37610,"date":"2023-10-10T07:05:26","date_gmt":"2023-10-10T01:35:26","guid":{"rendered":"https:\/\/vajiramandravi.com\/current-affairs\/?p=37610"},"modified":"2025-04-22T23:57:17","modified_gmt":"2025-04-22T18:27:17","slug":"nobel-prize-2023-in-economic-sciences","status":"publish","type":"post","link":"https:\/\/vajiramandravi.com\/current-affairs\/nobel-prize-2023-in-economic-sciences\/","title":{"rendered":"Nobel Prize 2023 in Economic Sciences"},"content":{"rendered":"<h2>What\u2019s in today\u2019s article?<\/h2>\n<ul>\n<li>Why in news?<\/li>\n<li>Economics Nobel<\/li>\n<li>News Summary: 2023 Nobel Prize in Economic Sciences<\/li>\n<li>Key findings of Claudia Goldin<\/li>\n<li>Significance of Goldin\u2019s research<\/li>\n<\/ul>\n<h2>Why in news?<\/h2>\n<ul>\n<li>The Nobel economics prize was awarded to Harvard professor <strong>Claudia Goldin<\/strong> for research that has advanced the understanding of the gender gap in the labor market.<\/li>\n<li>She has studied 200 years of women\u2019s participation in the workplace, showing that despite continued economic growth, women\u2019s pay did not continuously catch up to men\u2019s.<\/li>\n<li>She also pointed that a divide still exists despite women gaining higher levels of education than men.<\/li>\n<\/ul>\n<h2>Economics Nobel Prize<\/h2>\n<p><strong>About:<\/strong><\/p>\n<ul>\n<li>A Nobel Prize in Economics was not part of Alfred Nobel\u2019s 1895 will that established the other prizes.<\/li>\n<li>The prize is based on a donation received by the Nobel Foundation in 1968 from Sveriges Riksbank (Sweden\u2019s central bank), on the bank\u2019s 300th anniversary.<\/li>\n<li>It is formally called the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel.<\/li>\n<\/ul>\n<p><strong>Economics Nobel and women:<\/strong><\/p>\n<ul>\n<li>Goldin is only the third woman to win this honour.\u00a0<\/li>\n<li>In 2009, Elinor Ostrom got the award along with Oliver E Williamson, while in 2019, Esther Duflo shared it with Abhijit Banerjee and Michael Kremer.<\/li>\n<\/ul>\n<h2>News Summary:2023 Nobel Prize in Economic Sciences<\/h2>\n<h3>Key findings of Claudia Goldin<\/h3>\n<ul>\n<li><strong>Older data gave more perspective<\/strong><\/li>\n<li>Goldin reached back to older data to reveal that before industrialisation, more women were likely to have been involved in economic activity related to agriculture and various cottage industries.\u00a0<\/li>\n<li>With greater industrialisation, work was concentrated in factories, and women found it difficult to leave their homes and travel to work.<\/li>\n<li>This trend reversed in the early 20th century, with the growth of the services sector.<\/li>\n<li><strong>The limitations of marriage<\/strong><\/li>\n<li>She found that by the beginning of the 20th century, while around 20% of women were gainfully employed, the share of married women was only 5%.<\/li>\n<li>Goldin noted that legislation known as <strong>marriage bars<\/strong> often prevented married women from continuing their employment as teachers or office workers.\u00a0<\/li>\n<li>Despite an increasing demand for labour, married women were excluded from parts of the labour market.\u00a0<\/li>\n<li>This type of legislation peaked during the 1930s\u2019 Great Depression and the years following it.\u00a0<\/li>\n<li>Goldin also demonstrated that there was another important factor in the slow reduction of the gap between men\u2019s and women\u2019s rates of employment, namely <strong>women\u2019s expectations for their future careers<\/strong>.<\/li>\n<li>Women\u2019s expectations were based on the experience of their mothers, and thus their educational and professional decisions were not taken with the expectation of having a long, uninterrupted, and fruitful career.<\/li>\n<li><strong>Contraceptive pills<\/strong><\/li>\n<li>By the end of the 1960s, as easy-to-use contraceptive pills became more popular, women could exercise greater control over childbirth and actually plan careers and motherhood.\u00a0<\/li>\n<li>Women also ventured beyond the services sector, studying subjects like law, economics, and medicine.<\/li>\n<li>Now, women were catching up in terms of education and fields of employment.\u00a0<\/li>\n<li>However, one glaring gap still remained and continues to this day \u2014 the gender-based pay gap.<\/li>\n<li><strong>Pay gap and parenthood<\/strong><\/li>\n<li>Till the time men and women worked in factories, where the pay depended on the day\u2019s countable output, the pay gap was not too high.\u00a0<\/li>\n<li>It became wider when monthly pay contracts came into the picture.\u00a0<\/li>\n<li>One factor significantly impacted how men were paid versus women \u2014 <strong>childbirth<\/strong>.\u00a0<\/li>\n<li>As women had to shoulder more of the parenting responsibilities once a child was born, they were also punished for this at the work front in terms of a slower rise on the payscale.\n<ul>\n<li>Goldin and her co-authors demonstrated in an article from 2010 that initial earnings differences are small.\u00a0<\/li>\n<li>However, as soon as the first child arrives, the trend changes; earnings immediately fall.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<h3>Significance of Goldin\u2019s Research<\/h3>\n<ul>\n<li>Goldin\u2019s research does not offer solutions, but it allows policymakers to tackle the entrenched problem.<\/li>\n<li>She explains the source of the gap, and how it has changed over time and how it varies with the stage of development.<\/li>\n<\/ul>\n<hr \/>\n<h3>Q1) What is Sveriges Riksbank Prize in Economic Sciences?<\/h3>\n<p>The Sveriges Riksbank Prize in Economic Sciences is an annual award given to an individual or individuals in the field of economic sciences who have produced work of outstanding importance.<br \/>\nThe prize was established in 1968 by Sweden&#8217;s central bank, Sveriges Riksbank, in memory of Alfred Nobel, the founder of the Nobel Prize. The prize is administered by the Nobel Foundation.<\/p>\n<h3>Q2) What was Alfred Nobel?<\/h3>\n<p>Alfred Bernhard Nobel (1833-1896) was a Swedish chemist, engineer, inventor, businessman, and philanthropist.<\/p>\n<hr \/>\n<p><strong>Source: <\/strong><a href=\"https:\/\/indianexpress.com\/article\/explained\/everyday-explainers\/economics-nobel-2023-claudia-goldin-explained-8975198\/\" target=\"_blank\" rel=\"nofollow noopener\">Economics Nobel 2023: How Claudia Goldin shed light on the status of women in the workforce<\/a> | <a href=\"https:\/\/www.thehindu.com\/news\/international\/us-economist-claudia-goldin-wins-nobel-prize-in-economic-sciences-2023\/article67398547.ece\" target=\"_blank\" rel=\"nofollow noopener\">The Hindu<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>A Nobel Prize in Economics was not part of Alfred Nobel\u2019s will that established the other prizes.<\/p>\n","protected":false},"author":5,"featured_media":37611,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[18],"tags":[],"class_list":{"0":"post-37610","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-upsc-mains-current-affairs","8":"no-featured-image-padding"},"acf":[],"_links":{"self":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/posts\/37610","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/comments?post=37610"}],"version-history":[{"count":0,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/posts\/37610\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/media\/37611"}],"wp:attachment":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/media?parent=37610"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/categories?post=37610"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/tags?post=37610"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}