Source: Women can make the world better; Editorial; The Hindu; 28-10-2023
Syllabus: Gs-1; Indian Society-Women issues. Gs-2; Welfare of weaker section.
Challenges in Economics:
- Economic history has long been chronicled through a male lens, emphasizing the contributions of men and their viewpoints.
- Notably, the Nobel Memorial Prize in Economic Sciences has been awarded to a disproportionate number of men, with only three women laureates.
- These laureates include Elinor Ostrom for her work on local community governance, Esther Duflo for her experimental poverty-alleviation work, and Claudia Goldin, who recently won for explaining gender-based wage disparities.
Economic Science and Women’s Work:
- Economic science primarily focuses on studying systems for producing economically valuable goods and services efficiently. Natural and human resources are measured in monetary terms.
- Claudia Goldin’s research reveals that women’s work, both in the family and in the workforce, is often considered less valuable due to their inability to commit to continuous full-time employment.
The Future of Work and India:
- Globally, economic growth patterns are shifting towards more short-term employment, gig economy, and informal sector jobs.
- This shift presents a unique challenge for India, given its large youth population and rapid economic growth.
- India’s ranking in human development necessitates more investment in care-giving services, which are currently undervalued in the money economy.
The Vision for Global Development:
- The Indian Prime Minister has advocated for a vision of human-centric development that goes beyond GDP, emphasizing Vasudhaiva Kutumbakam, which means “One Family, One Earth, One Future.”
- GDP, as a monetary measure, does not value care-giving work. Policymakers aim to integrate women into the formal workforce to achieve high GDP goals.
- The Sustainable Development Goals (SDGs) for 2030 require a paradigm shift in solving complex systemic problems by involving local communities in cooperative, bottom-up solutions.
Valuing Caring Work:
- The shift from the traditional male-driven economic paradigm to a more inclusive, sustainable one is essential.
- Nobel Laureate Ostrom demonstrated the power of cooperative, equitable, and sustainable local community governance.
- A paradigm change in economics is needed to address complex problems. Those in positions of power must listen and learn from people rather than imposing top-down solutions.
- Women must have the freedom to shape family-oriented institutions for governance, and local communities should have more control over inclusive, sustainable solutions.