It is well known that the field of economics has a race and gender problem, with treasury secretary (and former Fed chair) Janet Yellen, Fed chair Jerome Powell, and former Fed chair Ben Bernanke among the many senior figures advocating for change. But economics has another diversity problem that’s been largely overlooked: socioeconomic background. In new research, we find that economics is the least socioeconomically diverse of any academic discipline in the U.S.
Economics Needs More Socioeconomic Diversity
The high concentration of wealth and privilege in the field deprives it of essential perspective on issues such as inequality, unemployment, and inflation.
June 10, 2022
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Summary.
There has been a long overdue reckoning in the field of economics when it comes to addressing disparities in race and gender, but it’s crucial that that reckoning also include socioeconomic diversity. A new study published by the Peterson Institute for International Economics found that economics is the least socioeconomically diverse academic discipline, with only 14% of U.S.-born economics PhD graduates in the last decade being first-generation college graduates, compared to 26% across all PhD fields in the U.S. For already underrepresented groups, like Black and Hispanic graduates, first-generation Black and Hispanic graduates are even more underrepresented. And while some groups, like white and Asian men, are overrepresented, first-generation graduates from these groups are underrepresented, while socioeconomically advantaged women are overrepresented. To avoid replicating socioeconomic disparities in the field, the author recommends several solutions at the systemic and individual level, including: increasing awareness of economics in pre-college education, making Economics 101 more accessible and issues-oriented, using better, more inclusive language, and creating more robust pipelines and mentorship opportunities.