Why economics needs women…. ….and women need economics

1. Why economics needs women…. ….and women need economics Sarah Smith Professor and Head of Department of Economics, University of Bristol Chair, Royal Economic Society Women’s Committee Scottish Economic Society, STE Conference, 31st October 2018

2. Share of women in economics Globally (Inomics survey) = 27% Academics in economics departments (UK) = 29% Professors in economics departments (UK) = 17% Economics undergraduates (UK) = 33% A level candidates (England) < 30% Scottish higher candidates = 33%

3. For English students, Economics A level is the number one route into UG econ

4. Three questions • Why don’t women study economics? • Why does it matter – for economics and for society? • Why does it matter – for women?

5. Why don’t women study economics? • Wrong! • The share of women taking highers/ A level maths and graduating in mathematics and statistics is higher than it is in economics Economics is maths- focused, and women just don’t like maths

6. Why don’t women study economics? • Lack of exposure to economics • Lack of role models • Lack of interest in economics

7. Why don’t women study economics? • Lack of exposure to economics • Economics is not taught in all schools • Economics is more likely to be taught in private schools than state schools, and more likely to be taught in boys schools than girls schools

8. Why don’t women study economics? • Lack of role models “If someone says economist to you, the first thing you think of is not a woman… it’s a boring old man sitting there, crunching his numbers” “It’s a man in a suit” • Social norms/ stereotype threat • If female economists aren’t visible, women may think that economics isn’t for them Female economics students, aged 18

9. People in undergraduate, principles of economics textbooks Stevenson & Zlotnick (2018)

10. Sam Beckett Director General, EU Exit and Analysis  Gita Gopinath Chief economist, IMF Penni Goldberg Chief economist, World Bank Janet Yellen Chair, Federal Reserve Board MinoucheShafik Director, London School of Economics Catherine Mann Chief economist, Citigroup Clare Lombardelli Chief economic adviser, HM Treasury Rain Newton Smith Chief economist, Confederation of British Industry

11. Why don’t women study economics? 3. Lack of interest in the subject • Asked what they think about different subjects, 15 – 17 year old boys think that economics will be more interesting than law, psychology, engineering and medicine • Girls don’t • Boys and girls have similar views on whether the subjects will lead to a well-paid job, how hard the subjects are, how socially useful they are

12. What do students think economics is? “What three words would you use to describe what economics is about?”

13. BEFORE AFTER What three words would you use to describe what economics is about? Women in Economics event held at Manchester, December 2018. 50 year-10 participants

14. Why don’t women study economics? “To most people, an economist is the chap interviewed in newspapers or on the television uttering acronym-laced incantations about 0.3 per cent this or 10 per cent that. He is usually a man, rarely stylish, mysteriously confident and a bit dull • Lack of interest in the subject 3. Poor public perception of economics Financial Times

15. Economics Network – ING survey on public perceptions of economics

17. How an economist might view this • In deciding what to study, people look at the available options and make rational decisions based on their preferences • So what is the problem? • Economics may not even be in the set of options (not taught at school) • Information about the available options may be imperfect • Preferences may be socially determined

18. Why it matters – for economics and for society ‘When economics is tested by future challenges, I hope that our profession will be able to say that we have done all we could to attract the best people and the best ideas’ Janet Yellen, Federal Reserve Chair October 2014, National Summit on Diversity in the Economics Profession, Federal Reserve

19. Why it matters – for economics • Economists should represent the society they are trying to understand • Diversity contributes to intellectual development • Lack of diversity constrains the range of issues addressed… • Women more interested in health, labour, gender equality Does it matter if economists are men or women?

21. Why it matters – for society • Economics is the most politically influential social science • Positions of power • Council of Economic Advisers in the White House, control of central banks, chief economists in government departments, regulators etc • Tools of influence • “It’s the economy stupid” • Technical expertise • Cost–benefit analysis, auctioning off the electromagnetic spectrum, assessing mergers…. • Evidence

22. Why women need economics • Rachel Wu • Economics Professor at NYU • “She may be an economist, but she’s the least materialistic person I know.” • Teaches game theory… • … uses it to outwit her future mother-in-law

23. Not studying economics means missing out on a degree with high financial returnsReturns to studying different subjects, relative to an average graduateControlling for school attainment, socio-economic background Men Women

24. Why women need economics • Economics is not (just) about money…. • It is the science of understanding the society we live in • It is the study of human behaviour • It is about the big issues that really matter • Economics is empowering • It provides tools to make sense of the world • It takes you to positions of influence

25. Looking forward • Changing the way economics is taught • https://www.core-econ.org/ • Open-access platform for anyone who wants to understand the economics of innovation, inequality, environmental sustainability, and more • Emphasis on real-world problems, data and context • Changing the way economics is perceived • RES public lecture. Weds 21 Nov (London) • “What economists really do: Research evidence and policy insights on the challenges of global poverty and development” Professor Oriana Bandiera (LSE)

26. Thank You!