The field of economics has historically been male-centric, emphasizing men's contributions while overlooking the valuable insights women bring to the discipline. This male-majority perspective has also been reflected in the recipients of the Nobel Prizes in Economics, which often fail to recognize female economists.
Fortunately, there have been breakthrough moments with Nobel Prizes awarded to women economists such as Elinor Ostrom, Esther Duflo, and Claudia Goldin. These pioneering women have shifted the narrative by introducing unique research focuses, ranging from governance in local communities to analyzing the economics of gender inequality.
The underrepresentation and undervaluation of women extend into economic metrics. Claudia Goldin's groundbreaking work highlights how women's roles in family care are often omitted from crucial economic measures like GDP. This exclusion perpetuates gender inequality and fails to recognize the significant contributions women make to economic society.
The global labor market is undergoing substantial changes, moving away from long-term industrial jobs to gig economy roles and short-term contracts. This shift poses unique challenges, especially for countries like India, which has a burgeoning youth population and limited opportunities for dignified employment.
India faces additional challenges due to its low human development ranking and the lack of financial recognition for caregiving roles, predominantly performed by women, such as ASHA and anganwadi workers. This further complicates the fight for gender equality in economic terms.
India's Prime Minister has called for a shift in global perspectives through the G-20 platform, advocating for a more human-centric approach to development that goes beyond mere GDP measurements. This vision, encapsulated in the phrase "Vasudhaiva Kutumbakam," emphasizes the interconnectedness of human life, the environment, and the economy.
With only 12% of Sustainable Development Goals (SDGs) on track to be achieved by 2030, there is an urgent need to reassess our strategies. Addressing complex, interconnected problems requires localized, community-based solutions rather than strict top-down approaches.
Economic thinking requires a paradigm shift. Nobel Laureate Elinor Ostrom demonstrated that local communities—often led by women—are more effective at sustainably managing their resources. This calls for a departure from competitive, traditionally masculine economic models toward more cooperative, feminine perspectives.
Change is inherently challenging, especially when it threatens established power structures. The economic, political, and educational elites have long dominated narratives and policy directions. It is essential to include grassroots perspectives and feminine viewpoints in economics and governance.
To genuinely realize the vision of "One Family, One Earth, One Future," we must empower women and local communities to shape policies and institutions. Without this empowerment, the noble aspirations discussed at platforms like the G-20 will remain unfulfilled.
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