NOBEL PRIZE IN ECONOMICS (Syllabus: GS Paper 3 – Economics)

Context: The Nobel economics prize (2023) was awarded to Harvard University professor Claudia Goldin for research that has advanced the understanding of the gender gap in the labor market.

About

• Claudia Goldin has studied 200 years of women’s participation in the workplace, showing that despite continued economic growth, women’s pay did not continuously catch up to men’s and a divide still exists despite women gaining higher levels of education than men.
• Goldin’s research does not offer solutions, but it allows policymakers to tackle the entrenched problem.

Nobel prize in Economics

• The economics award was created in 1968 by Sweden’s central bank and is formally known as the Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel.

List of the nine Indian Nobel Prize winners till date

• Abhijit Banerjee for Economics, 2019: For experimental approach to alleviating global poverty.
• Kailash Satyarthi for Peace, 2014: For struggle against the suppression of children and young people and for the right of all children to education. Others:
• Venkatraman Ramakrishnan for Chemistry, 2009
• Amartya Sen for Economics, 1998
• Subrahmanyan Chandrasekhar for Physics, 1983
• Mother Teresa for Peace, 1979
• Hargobind Khorana for Medicine, 1968
• CV Raman for Physics, 1930
• Rabindranath Tagore for Literature, 1913