Professor Claudia Goldin has won the 2023 Nobel Prize in Economics for her research on gender disparities in the labour market. 

The recognition comes as a testament to Dr Goldin's significant contributions in understanding the complexities of the gender pay gap, delving deep into over 250 years of labour market data in the United States, representing an extraordinary intellectual effort marked by extensive data collection and meticulous analysis. 

Her research has shed light on the stark global differences in men and women's experiences in the workforce. 

Globally, approximately 50 per cent of women engage in paid employment, compared to approximately 80 per cent of men. 

Furthermore, in OECD economies, a 13 per cent gender gap persists, particularly evident in the underrepresentation of women in senior business roles.

One of Dr Goldin's key findings explains the closure of the gender pay gap in the 1980s, followed by its stagnation in recent years. 

She has elucidated why an increase in labour force participation does not necessarily correlate with a country's economic prosperity. 

By interconnecting education, fertility, social norms, and economic structures, Goldin has established a comprehensive framework for comprehending the evolution of women's labour market outcomes.

Her research has also empirically demonstrated the profound impact of the birth control pill in the 1960s on female labour force participation. This development led to university-educated women investing more in education and delaying marriage.

Goldin's commitment to understanding the root causes of gender pay disparities, rather than promoting ideological perspectives, has been a hallmark of her work. 

In collaboration with co-authors Marianne Bertrand and Larry Katz in 2010, she revealed that within-occupation pay gaps tend to emerge when women become mothers, and taking time off from the labour market has lasting repercussions on female wages. 

Subsequent research by others confirmed this pattern in six OECD countries.

Dr Goldin's investigations in 2014 further explored the evolution of wage gaps within and between occupations. 

Notably, she found that the majority of the current gender pay gap originates within occupations, rather than between them.

This distinction has significant policy implications, highlighting the importance of issues like fertility and intra-household dynamics over traditionally “feminised” low-paying occupations as the source of the gender pay gap. 

It sets the stage for discussions on policies such as accessible childcare, appealing to both sides of the political spectrum.

Claudia Goldin's pioneering contributions have firmly established the economics of gender as a mainstream field within economics. 

Her research has inspired scholars worldwide to examine these issues in different countries and has nurtured numerous students over the years. 

She has also bridged the gap between economic history and applied economics.

As only the third woman to win the Nobel Prize in Economics since its inception in 1968, Professor Goldin's recognition marks a significant milestone in the field.