Conference on Diversity & Inclusion in Economics, Finance, & Central Banking: Session IV | Summary and Q&A

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November 30, 2022
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Federal Reserve
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Conference on Diversity & Inclusion in Economics, Finance, & Central Banking: Session IV

TL;DR

The economics profession lacks diversity in terms of gender, race, ethnicity, and socioeconomic background, indicating the need for change.

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Key Insights

  • 😘 The economics profession has lower socioeconomic diversity and representation of women compared to other disciplines.
  • 🖤 The lack of diversity in economics may hinder research on issues related to poverty, inequality, and access to education.
  • ⚧️ The dominance of prestigious institutions and selective undergraduate programs contribute to the socioeconomic and gender disparities in economics.
  • 🤽‍♀️ Gender culture and societal biases play a role in shaping the representation and outcomes of women in the economics profession.

Transcript

welcome to the speed session we're going to have five papers where each author is going to be presenting for seven minutes afterwards i'm going to give some thoughts uh and ask some questions of the presenters then they are each going to have about two or three minutes to respond and lastly we're going to open it up for general discussion with a q ... Read More

Questions & Answers

Q: Why is socioeconomic diversity in the economics profession lower than in other disciplines?

The economics profession has a higher concentration of PhD recipients from privileged backgrounds, possibly due to recruitment from prestigious institutions and selective undergraduate programs.

Q: Does the lack of socioeconomic diversity in economics impact research in the field?

The absence of representation from individuals with less advantaged socioeconomic backgrounds may limit the perspectives and insights in research areas related to poverty, inequality, and access to education.

Q: How does gender culture influence the representation of women in economics?

Gender culture plays a role in the underrepresentation of women in economics, with societal perceptions of gender roles and biases affecting women's access to opportunities and career progression.

Q: What are the potential strategies to increase diversity in the economics profession?

Strategies could include promoting socioeconomic diversity through outreach programs, diversifying recruitment channels, fostering inclusive environments, providing mentorship and support networks, and implementing policies to address biases and barriers.

Summary & Key Takeaways

  • Socioeconomic diversity among economics PhDs in the US is lower compared to other disciplines, with a higher proportion of PhD recipients coming from privileged backgrounds.

  • The economics profession has low representation of women, especially in academia, and is less diverse than other social sciences.

  • The lack of socioeconomic diversity in economics may be influenced by the dominance of prestigious institutions and a focus on recruiting from specific undergraduate programs.

  • The social justice movement and gender culture have influenced the representation and outcomes of women in the economics profession.

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