The award goes to...Claudia Goldin is awarded Nobel Prize for Economics: Here's what she achieved!

The American economist, 77-year-old Claudia Goldin has been awarded the Nobel Prize for Economics in 2023. The announcement was made on Monday - October 9 by the Royal Swedish Academy of Sciences and she has been honoured for her achievement of advancing the world's understanding of women's labour market outcomes. 

Goldin is a professor at Harvard University and she has become the third woman to win the Nobel Prize for Economics after Elinor Ostrom (2009) and Esther Duflo (2019). On Monday, the academy took to social media and wrote, "The Royal Swedish Academy of Sciences has decided to award the 2023 Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel to Claudia Goldin for having advanced our understanding of women's labour market outcomes." 

The Nobel Prize press release said, "By trawling through the archives and compiling and correcting historical data, this year's economic sciences laureate Claudia Goldin has been able to present new and often surprising facts. She has also given us a deeper understanding of the factors that affect women's opportunities in the labour market and how much their work has been in demand." 

The release further said, "Her insights reach far outside the borders of the US and similar patterns have been observed in many other countries. Her research brings us a better understanding of the labour markets of yesterday, today, and tomorrow." The Nobel Prize for Economics came into inception on 1969 and so far, including 2023, a total of 55 Nobel Prizes in Economics have been awarded. 

Out of 93 laureates, 26, including Claudia Goldin, were sole recipients and she has become the third woman to get conferred with a prestigious honour. The Nobel Prize for Economics comes with a cash reward of 10 million Swedish kronor (nearly $900,000) and will be presented to the winner on December 10. With Monday's announcement of Nobel Prize for Economics, the current year's Nobel Prize season has come to an end. 

It had held for a week from October 2 to October 9 and during the period, the Nobel Prizes for Medicine, Physics, Chemistry, Literature, Peace, and Economics. While the Nobel Prize has been awarded in the fields of Medicine, Physics, Chemistry, Literature, and Peace since 1901, a memorial prize in economic sciences was added in 1968. 

It is pertinent to note that the economics prize is the only prize that is not part of the original five categories that were listed out in the will of Alfred Nobel, the Swedish industrialist, who died in 1896 and in whose memory the prizes are being awarded. Unlike the original five, the Nobel Prize for Economics was created through a donation from the Swedish central bank in 1968. 

Though the economics prize has been dubbed as a 'false nobel', the Royal Swedish Academy of Sciences follows the due process like the other categories to find the candidates and name the winner of the Nobel Prize for Economics. Last year, Ben S Bernanke, Douglas W Diamond, and Philip H Dybvig were jointly named as the recipients of the Nobel Prize for Economics for their research on banks and financial crises.