Names: Kavel Patel, Ericka Nambo, William Paschen

Group coordinator: Kavel Patel

Group 8
10/20/22

Diversity in Economics
For long periods of time, the field of economics has experienced a lack of diversity. As it
has been dominated by men, there have been major concerns as to why this is the case. Many
believe that it is a serious issue and can prevent future economic growth and knowledge among
economists. Now, it is up for discussion to see the impact of this issue.
Economists play a major role in studying the US economy today. Economics is a social
science that addresses a variety of important problems such as climate change and income.
Economists study these problems and take note of potential solutions or they discover new
trends. Economists’ main focus is human behavior and the points of interest stem from the
decisions made from households or businesses. Economists work in a variety of different kinds
of jobs which include businesses, firms, academia, and the government. Economists’ role in
businesses is to determine customer behavior and identify the market to drive a business
strategy. Whether the business is in healthcare, banks, or retailers, they all carry the same goal
within any industry. They analyze public proposals and determine whether or not they would
have an impact on inflation, GDP, income inequality, unemployment, taxes, etc. Government
economists collect and analyze data revolving around the US economy such as unemployment,
wages, income, and more that allow them to project this information to lawmakers. Academic
economists perform a similar role which involves research but also they can teach their
knowledge to students that can learn all about economics.
As of this current time, there has been a large underrepresentation of women and
minorities in economics. Economics has been predominantly ran by white men which serves as
a problem due to the lack of diversity. But if men seem to be getting the job done as
economists, why does there need to be more diversity in economics? Well, women and
minorities can drastically improve the overall field of economics. If most of the economists are
white males, then this leads to only one perspective. There is a limit to the range of different
perspectives as women and minorities bring different viewpoints to the table. In economics, it is
very important for policymakers to allow different viewpoints. Women and minorities have
went through a lot of different challenges and experiences that impact the way they see
economic trends. Some of these experiences include the conditions in which they grew up in,
where they originate from, and more life experience with economic factors. Studies have
shown that women tend to be more problem-solvers when it comes to certain topics. For
example, compared with male economists, women in the field have a greater tendency to
support environmental regulation and to perceive a gender gap in wages. Not everything that
women believe in may be true, but the same goes for men. The most important thing is the
impact of more input in economics from different viewpoints. The ways of research, analysis,
and policies are strongly skewed without women and minorities. The importance of women and
minorities in economics is very significant. Also, an increase in economic diversification is very
Names: Kavel Patel, Ericka Nambo, William Paschen
Group coordinator: Kavel Patel
Group 8
10/20/22

impactful towards future growth. The share of talent between all minorities/women fuels
economic growth. Looking at the economy long-term, the large variety of ideas from women
and minorities can change the world. With the uniqueness and creativeness, the innovational
ideas can lead to significant productivity improvements among the future generations of
people.
For starters, 68.7% of men have a degree in economics while only 31.3% of women have
majored in economics. This gives one a general idea on how underrepresented women are in
the economics field. 50.7% of women are majored in every other field, which is over half of
female graduates. Men are also 3 times for likely to major in economics than women. From
2011-15 in colleges and universities across the United States, women made up 57% of all
graduates but only 31.3% of students who graduated with a degree in economics. During that
same time, underrepresented minority students (including Black or African American, Hispanic
or Latino, and Native American students) made up 19.9% of all college graduates but only
11.8% of graduates who earned a degree in economics (Ackley 1).
There are many different obstacles to women in the economics profession, one major
one is a problem of sexism in the industry, since the field of economics has been predominantly
ran by men over time, it makes it much more difficult for women to get their foot in the door.
Women have faced systematic barriers in the economic field. For example, women are often
held to higher standards in written work and are not given credit for papers worked with men.
In the economic field, women academic studies tend to be biased against them and more
favored towards men. Also, another reason why women have faced obstacles historically, is
due to gender-neutral parental leave policies. Over the years, it is has been generalized for men
to use their leaves to further their careers and work while women stay at home parenting or
nursing. This has led to women’s voices being underrepresented. Another study found that top
universities will take males or females, therefore it makes it more difficult for women's
economic research to be credited and taken seriously at higher levels.
Janet Yellen is the first person in American history to have led the White House
council of Economic Advisors, The Federal Reserve, and the treasury department. Yellen
graduated from Brown University in 1967, she earned her PhD at Yale. Yellen was the only
woman out of two dozen economists to earn her doctorates. She was also an assistant
professor at Harvard until 1976 when she began working at the Federal Reserve Board. In 1994,
President Bill Clinton appointed Dr. Yellen to the Federal Reserve Board of Governors, three
years later she became the Chair of the White House Council of Economic Advisers and was the
first woman to hold the position. In 2014 she was sworn in as chair of the Federal Reserve and
was the first women to do so (Elsesser). Yellen’s nominations can change the perception of
economics being a man’s field. The share of women in economics has not increased since the
1990s. Men are three times more likely to major in economics and only a third of those
graduating with an economic doctorate are women. With Yellen being very successful in her
Names: Kavel Patel, Ericka Nambo, William Paschen
Group coordinator: Kavel Patel
Group 8
10/20/22

career, hopefully more woman become inspired to achieve their dreams and feel encouraged
to major in economics.
To address the imbalance of women and minorities in economics it’s important to
collect systematic data on gender equality. Men get chosen more than women, one of the
reasons is that woman take maternity leave and most of the times its unpaid maternity leave.
Men use their parental leave to further careers, but woman need to stay home nursing and
recovering. Women are most likely to study labor markets, health and education. With more
women in this career field it’ll get more attention to these issues. A major change that would
have significant impact would be addressing gender inequality. Moving forward, women need
to be offered more opportunities in the workforce and pay. Yes, over the years, women’s rights
have increased tremendously, such as receiving more pay, getting more jobs, and going to
school similarly to men. However, the underrepresentation of women in the economic field is
still too low. Women should also be given more attention to their voices in society. The
empowerment of women’s voices as economic, political, and social actors would definitely help
balance the current imbalance in the profession. Another policy would be to shrink the
education gap. Barriers to educational access such as poverty, ethnicity, or geography need to
be stopped. Offering school in remote areas can help kids from poor families to succeed as a
student long-term. This would be a first step for minorities to become more involved in the
economic field. The rest of the steps would be from proper gender equality and a voice for all.
After understanding the obstacles women have faced over the years, it is time to realize
the differences without them in the economic field. The involvement of diverse voices in
economics is extremely crucial for a strong future economy. In the future, if there are more
women and minorities studying economics, the world will change for the better. If economics is
one-sided towards men, it is hard for the economy to take a leap without the voices of women
and minorities. Janet Yellen is a very hard-working passionate women that can help assist in this
particular movement. Her views and beliefs promote the importance of women studying
economics. The success and education that she brings to the table provides women with
inspiration. Overall, women and minorities carry important traits that would apply to the
economic field, but in order for the economic field to change in their favor, the message needs
to be spread.
Names: Kavel Patel, Ericka Nambo, William Paschen
Group coordinator: Kavel Patel
Group 8
10/20/22

Works Cited

Elsesser, Kim. “Janet Yellen and the Male-Dominated World of Economics.” Forbes, Forbes
Magazine, 25 Nov. 2020, https://www.forbes.com/sites/kimelsesser/2020/11/24/janet-
yellen-and-the-male-dominated-world-of-economics/.

Revenga, Ana. “Finance and Development.” Finance and Development | F&D,

https://www.imf.org/external/pubs/ft/fandd/2012/03/revenga.htm.

Wolfers, Justin. “Why Women's Voices Are Scarce in Economics.” The New York Times, The
New York Times, 2 Feb. 2018, https://www.nytimes.com/2018/02/02/business/why-
womens-voices-are-scarce-in-economics.html.

Ackley, Aine, et al. “The Importance of Diverse Perspectives: Strategies for Supporting Women
in Economics.” Economic Research - Federal Reserve Bank of St. Louis,
https://research.stlouisfed.org/publications/page1-econ/2022/01/14/the-importance-of-
diverse-perspectives-strategies-for-supporting-women-in-economics.