Viw Magazine

Business Coach

  • Written by Gabriela D'Souza, Affiliate, Monash department of business statistics and econometrics, Monash University

For most people the second week in October probably doesn’t hold much promise.

Longer days for some, perhaps. But for those is us in the economics profession, come the second week of October we’re furiously compiling lists and discussing odds - about who is likely to win the coveted Nobel prize in Economics.

More formally known as the “Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel”, the prize has been awarded since 1969 for outstanding contributions to the field of economics.

The puzzle of who receives the novel prize is in itself a bit like an equation.

It often depends on who else is in the running and the chosen field is cyclical. It’s highly unusual for the prize to be awarded to theorists from the same field several times in a row.


Read more: Economics Nobel 2019: why Banerjee, Duflo and Kremer won


Age plays a factor too, both because the prize cannot be awarded posthumously and because the younger you are, the less likely you are to be in contention because you’ve got years more in which to make a contribution.

Which makes this years’ winners remarkable.

At 46 (ten days shy of 47) Esther Duflo is the youngest recipient of the award in its 51 year history and only the second female.

This year’s trio of winners – Abhijit Banerjee, Esther Duflo and Michael Kremer received the Nobel for “their experimental approach to alleviating global poverty”.

By designing experiments at a small level, they were able to provide real world answers about what works in alleviating poverty.

What works matters

In doing it they sought to actually understand the lives of the people they were trying to help.

Notably, Kremer’s first experiment – providing textbooks at schools – failed.

He found that the impact on test scores from the textbooks (and the induced enrolment of students) was zero.

Duflo and Banerjee spell out what works and explain how small interventions can create lasting change in their important book Poor Economics: A Radical Rethinking of the Way to Fight Global Poverty.

Along the way they’ve created a movement.

Their work with the Abdul Lateef Jameel Poverty Action Lab (J-PAL) inspired a new generation of economists to see, and search for, impact in their research.

During my own time in economics, I have lost count of the number of students who said they wanted to work in development economics in part because of J-PAL.

Some took to Twitter to say it was the only reason they took up development economics.

And women matter

Beyond that the prize is going to inspire a generation of female economists who have long been sidelined in university economics departments, both as students as academics.

It is well known that the often harsh and abrasive way academic economists treat each other and confront each other in seminars is unhelpful to the image of the profession. And it is likely that we are seeing this reflected in the low take-up of economics by women.

The pipeline of female economists is leaky at all stages – graduate studies, assistant professorships, tenure and beyond. As a result, not many women make it to the top of their professions, and even fewer are recognised.

It’s is not only an American problem.

Analysis I have conducted of economics departments across Australia finds very low proportions of women on academic staffs.


Read more: Why women in economics have little to celebrate


At one major university only one in 16 professors was female – a mere 6.25%. The ratio improved further down the promotion ladder.

If you were to Google economists in Australia, the images that would come up would be mainly men, even more so than in economics departments themselves.

The Australian economics profession could learn a lot from those overseas where there is growing recognition that the combative nature of the field puts off minorities (including women) who could make valuable contributions. This does economists, and the entire field of economics, a huge disservice.

Gabriela D'Souza does not work for, consult, own shares in or receive funding from any company or organization that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

Authors: Gabriela D'Souza, Affiliate, Monash department of business statistics and econometrics, Monash University

Read more http://theconversation.com/why-the-winners-of-this-years-nobel-prize-for-economics-matter-for-me-125288

Important Instructions for Australians Living in Camper Trailers

Living in a camper trailer offers Australians a unique way to embrace adventure and freedom while exploring the vast and beautiful landsca...

Maintaining Your Mini Digger: Tips for Longevity and Performance

If you're a proud owner or operator of a mini digger in Australia, you understand the importance of keeping your equipment in top-notch co...

Transform Your Business To Success: The Role Of Branding Agencies In Melbourne

In the bustling city of Melbourne, where every corner tells a story of innovation and creativity, the importance of branding cannot be o...

Revealing The Timeless Appeal Of Ladies' Bodysuits

Fashion has always been a canvas for self-expression, a realm where innovation and tradition intertwine to create garments that not only a...

What Is Crude Oil, and Why Is It Important to Investors?

Crude oil is the lifeblood of the global economy. As an investor, understanding the ins and outs of this vital commodity can be crucial to...

A Sweet Tooth's Guide to the Best Cakes in Melbourne

Indulge your sweet tooth in Melbourne's finest cakes! Brunetti offers decadent chocolate delights like Ciambella Chocolate Teacakes. Mel...

Alan Williams' Impact on Chicago's Defense: Analyzing Key Changes and Improvements

When Alan Williams stepped onto the field as the defensive coordinator for Chicago, expectations were high. His reputation for crafting di...

Understanding the Different Types of Pickup Truck Car Covers

Picking the right truck cover starts with understanding the various types available on the market. Each type is designed to address specif...

Understanding Commercial Plumbing in Adelaide

Introduction In the bustling city of Adelaide, where businesses thrive across diverse sectors, the seamless operation of commercial facil...

Driving into the Future: The Evolution of the Automotive Market in Australia - Trends and Predictions

Examining “the evolution of the automotive market in Australia: trends and predictions” reveals a swift embrace of electric vehicles a...

Crocs: Defying Fashion Norms and Redefining Individuality

In the realm of contemporary footwear, a singular item has emerged as a polarizing yet undeniably iconic choice: the versatile rubber shoe...

Benefits of Network Monitoring Devices in Businesses

In an era where seamless connectivity underpins business operations, ensuring a robust and secure network is paramount for any enterprise...

Tips for Staying Socially Active as a Senior

Staying socially active as a senior can be a challenging task. It becomes particularly difficult as mobility decreases, and friends and fa...

The Benefits of Living in Nature

Have you ever dreamed of buying a mountain property for sale, living immersed in nature, and being surrounded by the beauty of trees and w...

Affordable and Chic: A Guide to Stylish Splashback Tiling on a Budget

When it comes to kitchen renovations, splashback tiling stands out as a game-changer. Not only does it serve a practical purpose by protec...

How to Choose the Perfect Trailer for Your Needs

Whether you're hauling equipment for work or embarking on a weekend adventure, selecting the right trailer is essential. With a myriad of ...

Is There a downside to Taking collagen peptides? Understanding the Side Effects for a Healthier You

Introduction  Lately, everyone seems to be talking about collagen peptides. They're a type of protein that comes from collagen, a key pa...

The Best Materials for Living Room Plantation Shutters: A Comparison

Plantation shutters are a timeless and elegant window treatment that adds both style and functionality to any living space. When it comes ...

Top 5 Home Renovations That Increase Property Value

Enhancing the value of your property is a common goal for homeowners, whether they plan to sell soon or simply want to boost their investm...

Discover the Elegance of Sheer Curtains in Melbourne: A Guide to Custom-Made Sheer Elegance

When it comes to enhancing the aesthetics and functionality of your living spaces, the right choice of window treatments can make all the ...

Tomorrow Business Growth