Women in economics: Why representation matters more than ever

Discussions about gender representation have been moving forward rapidly in all sectors, including corporate suites and scientific labs. One of the sectors, however, where the disparity is quite conspicuous is economics, despite its significant impact on the overall direction of public policies, financial systems, and development of society as a whole. The natural question, therefore, is whether women’s representation in economics is actually making a difference or not, and the answer, as research and experience are indicating, is a resounding ‘yes’ and perhaps more so than we think.

Economics is not an academic subject with limited scope, confined only to research papers and academic circles. Its impact is felt in how governments allocate their funds, how businesses run, and how society addresses issues of inequality and development. Economists play a vital role in deciding how society deals with issues of health, education, employment, taxation, welfare, etc.

Economics, as a field of study, has traditionally been male-dominated, with less women opting for it, despite having made significant contributions to the field. This is demonstrated by the limited number of women who have been awarded the Nobel Prize in Economics since its inception. The numbers alone indicate the gap, rather than a deficiency of talent or ability.

The idea of representation is also, of course, about the nature of thought and how it differs, rather than the numbers of those doing the thinking. Experience is a good teacher, and women tend to ask different questions based on their experiences. Studies have demonstrated, for instance, that women tend to research issues such as labour markets, inequality, education, and access to healthcare, all of which are of vital importance to the everyday person. These are not ‘peripheral’ issues, as they might be perceived by some, but rather core issues for building a cohesive and sustainable economy.

Without women being part of the discussion, these views might not be economics explored to its fullest potential. Economics, however sophisticated, is a representation of the views across segment. More diversity within the economics community could mean a wider scope of research, thus making it a fool proof study that has taken into considerations the various permutations and combinations of life challenges and the world we live in.

The culture the economics profession is another point to ponder upon. There has been a lot of research indicating that women within the economics profession face challenges that cannot be explained by their competence within the subject. There are issues such as implicit biases, mentorship, and representation within leadership positions, which might create a culture that makes women feel unwelcome within the profession. This might create a culture where women are not encouraged to be part of the profession, thus leading to a culture where women are seen to be unwelcome within the economics profession.

To break this cycle, effort is necessary. Universities and research centers need to foster more inclusive cultures to support, engage and include the younger women in the system. To bring in change in the current environment, introduction to Mentor programs, female role models is essential. Overcoming bias in hiring and promotion are also valuable tools in making a difference. Perhaps equally important is the need to encourage young girls to see economics as a subject that is not abstract or remote, but as one that deals with the very issues and concerns of society and the world at large.

The need for representation is also a pragmatic one, as diverse groups are known to achieve more and better results, as they approach issues and problems with many sides and perspectives. Economics, as a science dealing with complex systems and human nature, is greatly in need of such diversity of thought and approach, and as such, having more women in the field will only enrich it, as they will approach issues and solutions with a variety of perspectives, coming as they will from diverse backgrounds and experiences.

However, the conversation should not be seen in the simplistic way that women economists will somehow magically produce “better” economics. The real benefit is found in the balance. A profession comprised of any single demographic group runs the risk of being intellectually isolated. The more balance there is between the genders, the more vibrant the “marketplace of ideas” will be, leading to sharper competing views and stronger policy outcomes.

There is a sense of movement, however, and this is encouraging. There is evidence that more women are entering economics programs around the world, and their work is receiving greater recognition.

At its core, economics is the study of the allocation of resources, the creation of opportunities. If the goal of the discipline is to serve the entire society, then the discipline must reflect the diversity of the people whom we seek to improve. Women’s representation is not just important for its own sake, but rather for the better ideas, better policies, and better progress that we can achieve.

The issue, of course, is not that women in economics will make a difference. Rather, the issue is how much better we can make the discipline, how much better we can make the policies, with their voices fully included in the conversation. It should not be a narrative restricted to 08th March but a continuous process bridging the gap between policy and culture to help India achieve its Viksit Bharat vision.