International Women Day 2023
Get Involved has decided to honor this important day by highlighting the contributions of women economists, both from the past and the present, from Jane Marcet to Esther Duflo. These women have successfully claimed their place and excelled in the male-dominated field of economics, each influencing the discipline of economic sciences in her own unique way.
Jane Marcet (1769-1758):
Jane Marcet made significant contributions to the field of economics. She was a dynamic polymath who passionately promoted scientific education for young girls. In 1819, she published her book Conversations on Political Economy, which simplified economic theory through fictional dialogues between the teacher, Mrs. B., and her two students, Emily and Caroline.
Michael Faraday once wrote about Jane Marcet: ‘The reason for my deep respect for her lies in her ability to impart the difficult principles and values of all natural things to the young and uneducated mind.
Joan Robinson (1903-1983):
One of the most important economists of the 20th century, Joan Robinson was a prominent figure in the Neo-Ricardian School and Post-Keynesian thought. In 1931, after many unofficial collaborations with the University of Cambridge, she secured a position as an assistant lecturer in Economics. Despite her undeniable abilities and achievements in developing scholarly works, her academic progression within the university was exceedingly slow due to her gender.
Her most renowned work is The Economics of Imperfect Competition (1933). In 1937, she finally became a full lecturer at Cambridge.
When Milton Friedman was asked which economist deserved a Nobel Prize but never received one, he confidently answered: ‘Joan Robinson.’
Esther Duflo (1972-):
Esther Duflo, along with Abhijit Banerjee and Michael Kremer, won the 2019 Nobel Prize in Economics for their experimental approach to alleviating global poverty. They succeeded in establishing new methods and practices in the field of Development Economics. Duflo is not only the second woman to be awarded the Nobel Prize in Economics but also the youngest recipient in the history of the award. She completed her PhD at the Massachusetts Institute of Technology (MIT) and continues her academic career as a professor at the same institution. In 2003, together with Abhijit Banerjee, she founded the Abdul Latif Jameel Poverty Action Lab, a research center that supports the development of evidence-based policies to combat poverty.
Duflo deeply believes that the connection between women’s empowerment and economic development will lead to the much-needed true gender equality. However, in her 2012 research titled Women Empowerment and Economic Development, she argues that pursuing gender equality for its own sake (beyond its economic implications) is the most reliable path to achieving real equality.
Harriet Martineau (1802-1876):
Harriet Martineau is known for her work in sociology, her writings, and her efforts to popularize political economy. True to the principles of liberalism, between 1832 and 1834, she published a nine-volume book in London titled Illustrations of Political Economy, summarizing and presenting the ideas and theories of great liberal economists in an accessible way.
Martineau wrote numerous articles on women’s labor for the Edinburgh Review and on public education for girls in the Cornhill Magazine. She also advocated for women’s right to practice medical professions. In 1866, alongside Elizabeth Garrett Anderson, Emily Davies, Dorothea Beale, and Frances Mary Buss, she submitted a petition to Parliament, requesting the recognition of women’s right to vote.
‘Women are offered amusement and pleasure as a substitute for the justice they should enjoy,’ she once stated.
Elinor Ostrom (1933-2012):
Elinor Ostrom studied at UCLA, where she earned both her bachelor’s and PhD degrees, and later taught at Indiana and Arizona universities. She became known for her liberal approach to the issue of managing common resources. Ostrom demonstrated both theoretically and empirically that self-management of a resource by a self-regulating community is, in many cases, not only a viable option but the most effective one. In 2009, Ostrom was awarded the Nobel Prize in Economic Sciences alongside Oliver E. Williamson. She was the first woman to receive the Nobel in Economics.
It is worth noting that Ostrom had been excluded for years from the core developments in the field of economic sciences. Upon receiving the Nobel Prize as the first female laureate, she said: ‘I will not be the last.’ 14 years later, only Esther Duflo has managed to win the Nobel in Economics, becoming the second woman to reach such a pinnacle.
Christine Lagarde (1956-):
Christine Lagarde is the President of the European Central Bank. In 2005, she took on the portfolio of France’s Minister of Foreign Trade. After a brief tenure at the Ministry of Agriculture and Fisheries, she became Minister of Economy and Finance, becoming the first woman to hold the position of state minister in the G-7. She also chaired the ECOFIN Council. From 2011 to 2019, she served as the Managing Director of the IMF for eight consecutive years.
In 2022, she was once again included in Time magazine’s list of the 100 most influential people in the world. The reason? She holds a leadership position in a male-dominated environment and does not hesitate to implement unconventional policies, empowering national central bankers and opening a dialogue with civil society.
‘Choose to challenge old norms about the role of women in the home, at work, and in our society. Let us challenge the established paths of professional careers – let’s encourage women and girls to walk into places where very few women have reached so far. Let’s choose to question how we exercise our leadership roles and promote diversity in our boards, parliaments, and governments.’