15 Famous Women Economists in History

Throughout history, women economists have played a pivotal role in shaping the world of economic thought, contributing to major policy reforms, and challenging prevailing economic theories. Despite the traditional male dominance in the field, several pioneering women have emerged as influential voices, revolutionising economic thought and policy across the globe. At Oxford Summer Courses, we offer Economics courses led by expert tutors, where students explore the profound impact of these trailblazing women economists.

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From the early 20th century to today, women economists have made groundbreaking contributions to economic theory, labour markets, public policy, and global development. Here is a selection of the most influential women economists in history.

1. Joan Robinson (1903–1983)

Joan Robinson was a British economist who played a significant role in developing Keynesian economics and was a strong proponent of post-Keynesian thought. Her work on imperfect competition and her criticism of neoclassical economics earned her widespread recognition.

Famous works:

• The Economics of Imperfect Competition (1933) - A landmark book that introduced the concept of imperfect competition, which challenged traditional views of market structures.
• Economic Philosophy (1962) - A philosophical exploration of the ethics and principles underpinning economic theory.

Awards and Legacy:

• Although Robinson never received a Nobel Prize, she is considered one of the most important economists of the 20th century. Her contributions to economic thought are still studied widely, and she is recognised as a pioneer of feminist economic thinking.

2. Elinor Ostrom (1933–2012)

Elinor Ostrom was an American political economist whose research on the governance of common resources earned her the Nobel Memorial Prize in Economic Sciences in 2009. She is the first and only woman to have won the Nobel Prize in Economics.

Famous works:

• Governing the Commons (1990) - A groundbreaking study on how communities manage common resources such as forests and fisheries without government intervention.

Awards and Legacy:

• Ostrom received the Nobel Memorial Prize in Economic Sciences in 2009 for her analysis of economic governance. Her work has had a lasting impact on political economy, environmental policy, and the study of resource management.

3. Esther Duflo (1972– )

A French economist, Esther Duflo is known for her work in development economics, particularly in designing field experiments to understand how to reduce poverty. She is a co-founder of the Abdul Latif Jameel Poverty Action Lab (J-PAL).

Famous works:

• Poor Economics (2011) - Co-authored with Abhijit Banerjee, this book presents groundbreaking insights into the lives of the poor and offers policy recommendations to improve their circumstances.

Awards and Legacy:

• Duflo was awarded the Nobel Memorial Prize in Economic Sciences in 2019, sharing the honour with Abhijit Banerjee and Michael Kremer. Her work has redefined how economists approach poverty and development, and her contributions continue to shape global development policy.

4. Barbara Bergmann (1927–2015)

Barbara Bergmann was a leading American feminist economist who focused on inequality, discrimination, and the economics of social welfare. She made significant contributions to understanding the economic disparities faced by women and minorities.

Famous works:

• The Economic Emergence of Women (1986) - A comprehensive analysis of the evolving role of women in the economy and the barriers they face.
• In Defence of Affirmative Action (1996) - A defence of policies designed to counteract historical discrimination and promote equality.

Awards and Legacy:

• Bergmann's work was instrumental in shaping feminist economics and gender equality policies. She received numerous awards, including the Carolyn Shaw Bell Award, which recognises the contributions of female economists.

5. Amartya Sen (1933– )

While Amartya Sen is widely known for his work in welfare economics, development, and social justice, his contributions to the study of gender inequality and women's rights in economics are substantial. Sen’s concept of "capabilities" has had a profound impact on understanding gender disparities.

Famous works:

• Development as Freedom (1999) - A book that explores the relationship between development, freedom, and individual capabilities.
• The Idea of Justice (2009) - A major philosophical treatise on justice and equality, drawing connections to economics and human rights.

Awards and Legacy:

• Sen received the Nobel Memorial Prize in Economic Sciences in 1998 for his contributions to welfare economics. His work on gender inequality and his capability approach have been influential in advancing women's rights in economic development.

6. Janet Yellen (1946– )

Janet Yellen is an American economist who made history as the first woman to serve as the Chair of the Federal Reserve, the central banking system of the United States. Her work in labour economics and monetary policy has earned her widespread recognition.

Famous works:

• The Fabulous Decade (2001) - Co-authored with Alan Blinder, this book analyses the economic boom of the 1990s in the United States.

Awards and Legacy:

• Yellen has received numerous accolades for her contributions to economic policy and was named the first female Secretary of the Treasury of the United States in 2021. Her leadership at the Federal Reserve has had a lasting impact on global financial systems.

7. Nancy Folbre (1952– )

Nancy Folbre is an American feminist economist known for her work on the economics of care, family policy, and gender inequality. She has made significant contributions to understanding the role of unpaid labour in economic systems.

Famous works:

• Who Pays for the Kids? (1994) - A book that explores the economic costs of raising children and the gender inequalities associated with unpaid caregiving.
• Greed, Lust, and Gender (2009) - An exploration of how gender shapes economic behaviour and institutions.

Awards and Legacy:

• Folbre has received multiple awards for her pioneering work in feminist economics, including the Carolyn Shaw Bell Award. Her research continues to inform policies on gender equity and family care.

8. Edith Abbott (1876–1957)

Edith Abbott was a pioneering American economist and social reformer who focused on labour policy, immigration, and social welfare. She was one of the first women to earn a PhD in economics from the University of Chicago.

Famous works:

• Women in Industry (1910) - A landmark study on the labour conditions faced by women in the workforce.
• Public Assistance (1936) - A comprehensive analysis of social welfare policies in the United States during the Great Depression.

Awards and Legacy:

• Abbott’s contributions to labour economics and social policy were recognised with numerous awards during her lifetime. She is remembered as a trailblazer for women in economics and for her role in advancing labour rights and social justice.

9. Carmen Reinhart (1955– )

Carmen Reinhart is a Cuban-American economist known for her work on financial crises and international economics. She has contributed significantly to understanding the dynamics of debt, inflation, and currency crises.

Famous works:

• This Time is Different: Eight Centuries of Financial Folly (2009) - Co-authored with Kenneth Rogoff, this book analyses the history of financial crises and argues that they are often predictable.

Awards and Legacy:

• Reinhart has been recognised with numerous awards for her contributions to macroeconomics, including the Adam Smith Award. Her work has influenced global economic policy, particularly in the context of managing sovereign debt crises.

10. Alice Rivlin (1931–2019)

• Alice Rivlin was an American economist who played a key role in shaping U.S. economic policy, particularly through her work at the Congressional Budget Office and the Federal Reserve. She was a strong advocate for fiscal responsibility and public policy reform.

Famous works:

• Systematic Thinking for Social Action (1971) - A book that explores the relationship between social science research and public policy.
• Reviving the American Dream (1992) - An analysis of U.S. economic policy and recommendations for restoring fiscal balance.

Awards and Legacy:

• Rivlin received the Paul A. Volcker Lifetime Achievement Award in public service. Her work has had a lasting influence on U.S. economic policy and public administration.

11. Deirdre McCloskey (1942– )

Deirdre McCloskey is an American economist and historian whose work spans multiple disciplines, including economic history, philosophy, and rhetoric. Her contributions to the field of economics have challenged traditional views of economic methodology.

Famous works:

• The Bourgeois Virtues (2006) - A book that explores the moral foundations of capitalism.
• Bourgeois Dignity (2010) - A follow-up work that examines the role of ideas and culture in economic growth.

Awards and Legacy:

• McCloskey has received numerous accolades for her interdisciplinary work, including the Julian L. Simon Memorial

12. Claudia Goldin (1946– )

Claudia Goldin is an American economist whose research focuses on gender, labour markets, and economic history. Her work on the gender wage gap and the role of women in the workforce has been groundbreaking.

Famous works:

• Understanding the Gender Gap (1990) - A book that analyses the historical roots of the gender wage gap and its implications for modern labour markets.
• The Race Between Education and Technology (2008) - Co-authored with Lawrence Katz, this book explores the relationship between educational advancement and economic inequality.

Awards and Legacy:

• Goldin has received numerous awards for her work on labour economics and gender, including the IZA Prize in Labour Economics. Her research has influenced policy debates on gender equality in the workforce.

13. Mariana Mazzucato (1968– )

An Italian-American economist, Mariana Mazzucato is known for her work on innovation and the role of the state in economic growth. She challenges conventional views on government intervention in the economy.

Famous works:

• The Entrepreneurial State (2013) - A book that argues for a more active role of the state in fostering innovation.
• Mission Economy (2021) - A book that advocates for rethinking capitalism to address global challenges such as inequality and climate change.

Awards and Legacy:

• Mazzucato has received numerous awards for her work on innovation and public policy, including the John von Neumann Award. Her ideas continue to influence global debates on economic growth and sustainability.

14. Susan Athey (1970– )

Susan Athey is an American economist known for her work in technology, market design, and big data. She has made significant contributions to the field of econometrics and the intersection of economics and digital technology.

Famous works:

• Her research papers on market design and auction theory have been widely influential in both academic and applied settings.

Awards and Legacy:

• Athey was the first woman to receive the John Bates Clark Medal in 2007, awarded to the best American economist under the age of 40. Her work has influenced the design of digital markets and online advertising platforms.

15. Ann Pettifor (1947– )

Ann Pettifor is a British economist known for her work on sovereign debt and global financial reform. She has been a vocal advocate for debt relief and sustainable economic policies.

Famous works:

• The Coming First World Debt Crisis (2006) - A book that predicted the 2008 global financial crisis and its consequences.
• The Case for the Green New Deal (2019) - A work that outlines the need for a radical shift in global economic policies to address climate change.

Awards and Legacy:

• Pettifor has received international recognition for her work on debt relief and economic sustainability. Her contributions continue to shape global discussions on financial reform and environmental economics.

How did the personal experiences and backgrounds of these famous women economists influence their writing styles and thematic choices in their works?

The personal experiences and backgrounds of these economists played a significant role in shaping their economic theories and approaches. For example, Barbara Bergmann’s experience with gender discrimination informed her work on feminist economics, while Elinor Ostrom’s research on local resource management was inspired by her fieldwork with small communities. Similarly, Esther Duflo’s upbringing in France and her work in development economics shaped her focus on poverty alleviation in the developing world.

Can you provide insights into any lesser-known challenges or obstacles these women economists faced during their careers, particularly regarding societal norms and expectations of their time?

Many of these women economists faced significant challenges throughout their careers. Joan Robinson, despite her immense contributions to economic thought, was never awarded the Nobel Prize, highlighting the gender bias prevalent in the field. Edith Abbott had to navigate a male-dominated academic environment to become one of the first female economists with a PhD. More recently, women like Claudia Goldin and Susan Athey have continued to challenge the gender imbalance in economics, making strides in a field that still grapples with gender inequality.

How did the contributions of these women economists impact broader social and economic movements, such as gender equality, environmental sustainability, and global development?

The contributions of these women economists have had far-reaching impacts on broader social and economic movements. Barbara Bergmann and Nancy Folbre’s work on gender equality has influenced feminist movements and labour policies aimed at reducing gender disparities. Mariana Mazzucato and Ann Pettifor’s focus on innovation and environmental sustainability has shaped global discussions on climate change and green economics. The work of economists like Esther Duflo and Elinor Ostrom continues to guide global development policies, particularly in the areas of poverty reduction and resource management.

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