Diversity's Role in Economics

March 2024
London School of Economics (LSE)

Introduction

Dive into the world of economics with Felicia Odamtten, an economist who stumbled into the field by chance and ended up founding the Black Economists Network. Discover why representation and diversity are crucial in economics, from university courses to the corridors of the Government Economic Service. This enlightening piece from the London School of Economics explores Felicia's journey, the challenges of diversity in economics, and the steps being taken to create a more inclusive future. Prepare to be inspired and maybe even see yourself as part of the change!

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Why It Matters

Discover how this topic shapes your world and future

Unveiling the Spectrum of Economics

Imagine a world where the people making decisions about your education, healthcare, and even the games you love to play come from completely different backgrounds than yours. They might not understand the challenges you face or the dreams you have. This is why representation matters, especially in the field of economics. Economics isn't just about money; it's about making choices that affect people's lives. When the profession includes economists from diverse backgrounds, it ensures that various perspectives are considered, leading to policies and solutions that are fairer and more beneficial for everyone. This diversity in thought and experience can inspire innovative solutions to global challenges, making the field of economics not only more interesting but also more impactful. For you, understanding why representation matters in economics could spark an interest in how you can contribute to making the world a better place, regardless of your background.

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Diversity

The inclusion of different types of people (such as people of different races or cultures) in a group or organization. In economics, this means having economists from varied backgrounds.

Representation

The action of speaking or acting on behalf of someone. In the context of economics, it refers to having economists who reflect the society’s demographics.

Public Sector Equality Duty

A law that requires public bodies (like government departments) to consider how their policies and decisions affect people from different backgrounds.

Pipeline

The process through which individuals advance in their education and career paths. In economics, a diverse pipeline ensures that students from all backgrounds can become economists.

Incremental steps

Small changes or improvements. In the fight against gender inequality in economics, progress is often made through these small, gradual steps.

Lived experience

The personal knowledge gained through direct, first-hand involvement in everyday events rather than through representations constructed by others. It's crucial in understanding the real impact of economic policies.

Independent Research Ideas

The impact of cultural diversity on economic policy making

Investigate how having economists from different cultural backgrounds can influence the creation of more inclusive economic policies.

Gender equality in economics

Explore the progress and challenges in achieving gender equality within the economics profession and how this influences economic research and policy.

Economic decision making in multilingual societies

Examine how language diversity within a country affects its economic policies and outcomes.

The role of public sector equality duty in economic policy

Analyze the effectiveness of the Public Sector Equality Duty in creating fair economic policies that consider the needs of diverse populations.

Economics education and diverse representation

Investigate how representation of diverse economists in educational materials affects students' interest and success in the field.