Recollection of Bonds Among 3 Economists
Research on Inequality from a Long-Term Perspective
"Claudia Goldin, a professor at Harvard University, has consistently emphasized that social phenomena should be viewed from a long-term perspective, as it is difficult to identify the causes of problems from a short-term viewpoint, and she has conducted research on inequality."
Regarding Professor Goldin, who won this year's Nobel Prize in Economics, Professor Hong Seok-cheol of Seoul National University's Department of Economics (a standing member of the Presidential Committee on Ageing Society and Population Policy) stated in a phone interview with Asia Economy on the 10th, "Her research analyzing over 200 years of accumulated data on the U.S. labor market and examining changes and causes of income and employment rate gaps by gender has significant implications for our society, which is experiencing severe low birth rates."
Professor Hong is a student of Robert W. Fogel, a former University of Chicago professor who won the Nobel Prize in Economics in 1993 and was also Goldin’s advisor. He met Professor Goldin at a memorial gathering for Professor Fogel’s students held in Boston, USA, in 2013. Professor Hong recalled, "After my advisor Fogel passed away, his students held a conference in 2013 to commemorate him, and I met Professor Goldin there. During that event, the students gave lectures recalling past memories, and I remember Goldin emphasizing the importance of studying social phenomena from a long-term perspective."
Professor Hong added, "Fogel’s advisor was Gary Becker, who won the Nobel Prize in Economics in 1992. Becker was notable for applying economic principles to various fields generally considered part of sociology, such as family relationships, with much of his work focusing on women’s marriage, childbirth, and child-rearing. Becker’s research on family economics and Fogel’s emphasis on historical perspectives likely influenced Goldin’s views directly or indirectly." He continued, "Goldin’s long-term observation and research on the economic status and labor participation changes of American women hold great significance for our society, which faces similar issues as the past U.S."
In particular, he said, "Goldin viewed that how caregiving and child-rearing responsibilities are shared differentially affects the time women can devote to career development, and that unsuitable labor environments for women with caregiving duties within the household have created demand disparities, gender differences, and wage gaps. As she pointed out, although women’s educational levels in Korea have surpassed men’s by a large margin, income and employment rate gaps by gender remain unresolved." Furthermore, Professor Hong emphasized, "The core issue of low birth rates is how to reduce the opportunity costs of marriage and childbirth and enable work-family balance. Her research underscores the urgent need for policy support that allows work-family compatibility and the necessity for ongoing changes within companies and households."
Extensive Data Analysis Over Long Years... Remarkable Passion and Effort
Professor Lee Cheol-hee of Seoul National University’s Department of Economics, who was a student of Professor Fogel, also evaluated, "Goldin’s greatest strength lies in her analysis of vast data over many years, differentiating her from other researchers, which I believe was greatly influenced by Professor Fogel. While research results are important, the passion and effort she devoted to her research are astonishing." Professor Lee noted, "Although the labor markets of the U.S. and Korea differ, the situation in the U.S. during the 1970s and 1980s is similar to Korea’s current state. American women who previously chose family over work when conflicts arose gradually began to place higher value on their careers, a change Goldin termed the 'Quiet Revolution.'" He added, "Her meaningful research analyzed discrimination against women and labor market inequality. In Korea, where men and women compete under similar conditions, glass ceilings still exist, especially in areas such as corporate boards, so efforts to eliminate labor market inequality must continue."
Professor Kim Du-eol of Myongji University’s Department of Economics wrote on his Facebook, "Goldin earned her Ph.D. at the University of Chicago in the 1960s, with Robert Fogel as her advisor. Fogel was a student of Simon Kuznets, who won the Nobel Prize in Economics in the 1970s. Among Kuznets’ students, several have won Nobel Prizes, and Goldin’s award exemplifies how the tradition of economic history research starting from Kuznets continues to have a sustained and long-term impact on the development of economics research today."
Professor Kim recalled, "I had several opportunities to see Goldin at seminars. She was meticulous in her research but always warm and approachable to those around her. The most impressive moment was her speech as president of the Economic History Association." He said, "At the Economic History Association’s annual conference, the president gives a speech during the dinner on the second day. After Goldin finished her speech, I remember her returning to her seat and sharing a passionate kiss lasting nearly a minute with her husband, Larry Katz, a Harvard economics professor, amid the audience’s cheers and applause." He added, "I sincerely congratulate Professor Goldin on her Nobel Prize and recommend many people read her recent work, 'Career and Family.'"
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