Claudia Goldin awarded the Nobel Prize in Economics

Claudia Goldin, a Harvard University professor, was awarded the Nobel Prize in Economics on Monday for her research on women's income and employment.

Claudia, according to the Royal Swedish Academy of Science, "uncovered key drivers of gender differences in the labor market." After studying more than 200 years of US data, Claudia was able to demonstrate how education and occupation historically accounted for a large portion of the gender pay gap.

Claudia has also shown that the majority of the gender pay gap now exists between men and women in the same profession and that it primarily affects women after having their first child.

Jakob Svensson, Chairperson of the Economic Sciences Prize Committee, stated that society should be aware of the importance of integrating women into the labor market. Claudia's research has revealed the underlying causes and barriers, which must be removed shortly.

Claudia Goldin, a New York native, is the third woman to be awarded the Nobel Prize in Economics. She is the Henry Lee Professor of Economics at Harvard University and co-director of the National Bureau of Economic Research's Gender in the Economy working group. She has written several books, but it was her research on the history of women in the US economy that made her famous.

Last year, the award was presented to Douglas Diamond, a fellow American economist, and Philip Dybvig, a former governor of the US Federal Reserve, for their work in the early 1980s that provided an understanding of why banks are required, the primary vulnerabilities, and how their failure can cause financial instabilities.