Nobel in Economic Sciences

11 Oct 2023 Nobel in Economic Sciences

This article covers “Daily Current Affairs” and the topic details “Nobel in Economic Sciences”. This topic has relevance in the “Economy” section of the UPSC CSE exam.

For Prelims:

Nobel in Economic Sciences 2023? 

For Mains:

GS2:  Economy

Why in the news?

Harvard University professor Claudia Goldin has been honoured with the 2023 Nobel Prize in Economics for her research that has deepened our comprehension of the gender disparity in the job market.

About the news: 

• Claudia Goldin’s extensive research spanning 200 years reveals that, despite women achieving higher education levels than men, the gender pay gap persists and has not consistently narrowed. 
• This trend raises concerns about women’s labour force participation rates, which had declined since the 1990s when the U.S. led the world.
• Claudia Goldin has explored the historical shifts in women’s roles in the workforce and the enduring gender pay gap. Her research underscores the influence of societal norms and individual perceptions on women’s career choices and income disparities. 
• She has explained how changes in birth control and expectations have affected the gender pay gap, which began to close in the 1980s but has since plateaued.
• Her research overcame data challenges stemming from historical gaps in labour market records, particularly concerning women. Goldin had to search archives and employ creative methods to fill these gaps.

Nobel Memorial Prize in Economic Sciences,

• The Nobel Memorial Prize in Economic Sciences, officially named The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, is an annual award sponsored by Sweden’s central bank, Sveriges Riksbank. 
• It is granted by the Royal Swedish Academy of Sciences to outstanding researchers in the realm of economic sciences. 
• Established in 1969, the prize follows the same principles as the original Nobel Prizes, which have been awarded since 1901.
• This esteemed award acknowledges individuals who have made significant contributions to the field of economics, whether in theory or through empirical research. 
• Their work spans various areas within economics, including macroeconomics, microeconomics, econometrics, and economic development.

Sources: 2023 Nobel Prize in Economic Sciences awarded to U.S. economist Claudia Goldin – The Hindu 

Download Yojna daily current affairs eng med 11th Oct 2023

Q1. With reference to the Nobel Prize in Economics, consider the following statements: 

1. Claudia Goldin has been honoured with the 2023 Nobel Prize in Economics for her research on gender disparity in the job market.
2. According to her research, despite women achieving higher education levels than men, the gender pay gap persists.
3. In the last 200 years, the gender pay gap has been consistently narrowed.

Which of the statements given above is/are correct?

(a) 1 and 2 only

(b) 2 and 3 only

(c) 3 only 

(d) None 

Answer: (a) 

Q2. Consider the following:

How many of the pairs are correctly matched?

(a) Only one 

(b) Only two 

(c) All three 

(d) None 

Answer: (a)

Q3. Discuss the global gender pay gap and its socio-economic implications. Analyse the factors contributing to this disparity and evaluate the effectiveness of policies and initiatives in addressing this issue.

Gaurav N