Topic: GS3 – economy
Why Did It Take So Long to Recognize Economic Research on Gender Inequities?
- Dropping Androcentric Biases:Feminist economists argue for the need to revisit economic theory to overcome the limitations posed by its masculine nature.
- Economic Man’s Detachment:The economic man is a rational being, who is both all-knowing and detached from his emotional self.
- Invisibilization of Women’s Labor:Economic models of the labour market fail to account for the contributions of women as unpaid workers.
- Social Meanings and Economic Theory:Feminist economists argue that the direction of causality runs opposite, that is, there is something well within the nature of economics as a discipline that excludes individuals with lived experiences that fail to fit into its theories.
Effects of Biases in Economic Theory
- Misinterpreting Empirical Findings:Biases inherent in economic theory can affect even the most sophisticated statistical methods.
- Overlooking Social Mechanisms:The primacy of economic rationality, in theory, overlooks social mechanisms that may drive certain empirical findings.
- Misinterpreting Correlation and Causation:Economic theories regarding households suggest a negative correlation between women’s employment and spousal violence.
Rethinking Economics as a Discipline
- Contextualizing Economic Theory:Economics needs to contextualise economic theory to make it truly reflective of reality.
- Balancing Causal and Empirical Methods:Economists can adopt a mixed methods approach, by finding a balance between different ways of doing research and giving due attention to findings of other disciplines.
- Accommodating Diverse Perspectives:Economics needs to pave the path for accommodation, be it among economists, their methods, and, most importantly, in economic theories.
Question: Examine the influence of androcentric biases in economic theories on addressing gender inequalities in labor markets. How can rethinking economic theory contribute to a more inclusive understanding of diverse lived experiences?