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Gender biased economy

July 7, 2013

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Boom-bust cycle is fuelling our society for centuries. Why then, from the Great Depression to the latest credit crisis, the economists seem to be taken by surprise? Rather than predicting future, they fruitlessly dwell on past events, so suspicion about the discipline is rising. Whilst trying to restore confidence in the economy, gender bias has come to the surface.

Statistics show the nitty-gritty of financial industry, like accounting, underwriting or taxes is already mostly handled by women, whereas the economics crème de la crème stays firmly in the hands of men. Nowhere is this more apparent than in the making of monetary policy. As central banks around the world are now desperately trying to restore confidence, there are less than few women at the table.

There has never been a woman on the European Central Bank Executive Board. Moreover, since the creation of Euro, only Austrian governor was a female. Her term expired two years ago and despite all the efforts, the ECB remains all boys club. In the United States, as the title clearly implies, they always had a Chairman of the Federal Reserve in hundred years of its existence. The Board of Governors scores much better now, with three out of seven members being women. Majority of men tend to be a bit more impulsive, prone to risk and less willing to admit their mistakes. Would more women at the top make a difference?

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From → Hic Salta

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