Here is the link to the video introduction on my channel.
Good day, I am Albert Schram and I hold a doctorate in Economic History from the European University Institute.
Today, we will be discussing this year's Nobel Prize in Economics winner, Dr. Claudia Goldin, and analyzing her groundbreaking contributions to the field of economic history. As a bit of background, I grew up in the Netherlands where my father worked as a physicist at Utrecht University. Through his connections, I was frequently exposed to Nobel laureates from a young age, many of whom did not encourage my interest in exploring economic history or the intersections between the economic sciences and humanities. One physicist in particular always liked to jokingly say “You know, there is even a Nobel prize in economics”. Leaving the issue of whether economics is a science aside, let’s dive into Goldin’s revolutionary research, and what it reveals about the ongoing development of economics as an intellectual pursuit.
Dr. Claudia Goldin of Harvard University was awarded the 2022 Nobel Memorial Prize in Economic Sciences for her work advancing our understanding of women's labor market outcomes over the past century. She becomes only the third female economist to win the prize, following Elinor Ostrom in 2009 and Esther Duflo in 2019. Lesser known predecessors who conducted pioneering studies on related topics in the 1990s include Carla Eugenia Nuñez for Spain, and Vera Zamagni for Italy. Goldin’s prize is especially impactful given the field of economics remains particularly male-dominated, with less than 25% of tenured professors globally identifying as women compared to over 40% across academia overall. Even textbook examples have historically strongly favored featuring men's names and scenarios over women's.
Goldin’s body of research spans decades and analyzes women's changing employment patterns from multifaceted angles, and connects this analysis with insights from labor and education economics. A consistent theme throughout her work has been scrutinizing the complex causes behind persistent wage gaps between male and female workers. In the 20th century, as women rapidly outpaced men in educational attainment levels, earnings disparities stubbornly remained. By examining employment trends through different economic eras defined by agricultural, industrial, and service sector shifts, Goldin discovered women's participation followed a recurring U-shaped pattern influenced heavily by prevailing technological innovations and societal norms.
The details and implications of Goldin’s famous U-shape graph are truly fascinating. During America's agrarian past, high fertility rates and family farm labor needs meant married women's economic participation stayed relatively high. However, as factories dominated the late 1800s, rigid ideologies of separate gender roles took hold, and wives were incentivized to withdraw from the paid labor force once married or after bearing children. This low point extended into the early 1900s as well. Things began changing rapidly starting in the 1970s, which Goldin identified as a revolutionary period. Women started postponing marriage, prioritizing higher education, and leveraging new opportunities made possible by the widespread availability of reliable birth control like the Pill. Their workforce participation responded positively as a result.
By unpacking these dynamic, long-term cultural shifts, Goldin demonstrated how the structure and composition of modern families have substantively redefined women's relationship with the labor market. However, she also acknowledged progress towards equality has been uneven and nonlinear. Today, American and European women still only earn 60-80 cents for every dollar earned by men in similar roles. Much of the residual gap stems from steep “motherhood penalties” faced after a woman's first child is born. Goldin’s work laid the foundation for new policies aiming to support female labor participation at all career stages while also advocating innovative workplace arrangements flexible enough to accommodate child-rearing responsibilities. Her research illustrates the magnitude of societal transformation still needed. She is hopeful about the future of work, pointing out that online working has introduced some flexibility into labour markets that can favour women.
[Dr. Goldin’s colleagues praise her trailblazing efforts to establish economic history as a respected field of quantitative study. By incorporating insights from demography, sociology, and other social science lenses, she helped enrich mainstream economic modeling beyond its initial limitations and assumptions of a gender-neutral labor force. Goldin has also been a hugely influential role model and mentor for younger female scholars pursuing related topics. Although some have critiqued her work for potentially overlooking the risks of certain “gender equity” policies, her preeminent career achievements and enduring contributions to shaping public debates around these complex issues are undeniable. Goldin continues academically producing at a high level well into her 70s, inspiring new generations to think creatively and rigorously about optimizing economic opportunities for all.]
In sum, this year's Nobel Prize affirms that data-driven economic history maintains vital relevance for addressing real-world problems today. The field has recognized its initial models fell short by excluding societal, psychological, and institutional factors disproportionately affecting specific demographic groups. As a response, leading researchers like Dr. Goldin broadened analysis to incorporate multi-disciplinary lenses examining everything from norms and stigma to the power of unanticipated innovations in shaping market forces.
Her work exemplifies economics' evolution away from rigid assumptions of purely rational actors towards appreciating humanity's complex, evolving nature. Perhaps most importantly, Goldin leaves a legacy of empowering more diverse voices that will undoubtedly strengthen economics as an academic pursuit dedicated to creating inclusive prosperity for all.
Thank you for your time and thoughtful consideration of this overview. I hope it provided valuable insights into both the groundbreaking scholarship of Dr. Claudia Goldin and larger developments currently reshaping economics as a discipline. Please feel free to contact me if you have any other questions!
- Núñez, Clara Eugenia. (1992) in: Boyd, C. P. La fuente de la riqueza: Educatión y desarrollo económico en la España contemporánea. Madrid: Alianza Universidad. 1992. Pp. 355. Am. Hist. Rev., 98(5), 1621–1621. doi: 10.1086/ahr/98.5.1621
- Dolar, Veronica (10 October 2023). Claudia Goldin’s Nobel Prize win is a victory for women in economics − and the field as a whole. Retrieved from https://theconversation.com/claudia-goldins-nobel-prize-win-is-a-victory-for-women-in-economics-and-the-field-as-a-whole-215330
- The Economist (9 October 2023). Claudia Goldin wins the Nobel prize in economics. Economist. Retrieved from https://www.economist.com/finance-and-economics/2023/10/09/claudia-goldin-wins-the-nobel-prize-in-economics
- Goldin, Claudia (2023) The Nobel Lecture Prize 2023 prize lecture in economic sciences | Claudia Goldin. Youtube. Retrieved from https://www.youtube.com/watch?v=RBkLI5i-OC8
- The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2023. (2023, December 31). Retrieved from https://www.nobelprize.org/prizes/economic-sciences/2023/press-release
- Zamagni, V. (2017). An Economic History of Europe Since 1700. Retrieved from https://www.amazon.it/Economic
-History-Europe-Since-1700/dp/19111163989
