Reserve bank of Australia contribution to the matter of diversity in the field of economics in view of SDG 4 and 5

 

According to the U.N SDG 4 framework 4.5 to eliminate gender disparities in education and ensure equal access to all levels of education and vocational training for the vulnerable, including persons with disabilities, indigenous peoples, and children in vulnerable situations by 2023 and the UN SDG 5 framework 5.1 to end all forms of discrimination against women and girls everywhere. The Reserve Bank of Australia (RBA) has been actively working to promote diversity in the field of economics. In a speech given in September 2022 by Jacqui Dwyer, RBA head of information department discussed the importance of diversity in economics and the steps the RBA is taking to encourage broad-based participation in the field. To understand the reason for the lack of diversity in the field of economics, RBA provide graphical representation of student’s enrolment in economics and their topic of their topic of interest, in order to identify potential solutions.

Graph 1: Economics Enrolments by Sex

Graph 1 shows the change in the number of male and female students studying economics in Year 12 in Australia over time, up to 2022. The left-hand panel of the graph shows the number of male and female students studying economics in Year 12 in 1990, while the right-hand panel shows the same data for 2022. In 1990, the graph shows that there were roughly equal numbers of male and female students studying economics in Year 12. However, over time, the number of female students studying economics has decreased, while the number of male students has remained relatively stable. By 2022, the graph shows that there are roughly twice as many male students studying economics in Year 12 as there are female students.

Graph 2: Topics of Interest

Graph 2 shows the percentage of high school students who are interested in various topics related to economics. The graph is divided into two sections:  "Males," and "Female's

For "Males," the most popular topics of interest are "Money and finance" (at 59%) and "Jobs and employment" (at 52%). Other topics of interest include "International trade and relations" (at 32%), "Government and public policy" (at 31%), and "Poverty and inequality" (at 29%).

For "Females," the most popular topics of interest are "Jobs and employment" (at 44%) and "Money and finance" (at 41%). Other topics of interest include "Poverty and inequality" (at 23%), "Government and public policy" (at 22%), and "Globalisation and the environment" (at 20%).

Overall, the graph shows that female students tend to be more interested in topics related to employment and the environment, while male students tend to be more interested in topics related to finance and trade. RBA (2022) questions if the declining participation of women in economics could result in the loss of future female leaders in the field, such as Kerry Schott, Sue Richardson, Mardi Dungey’s and Mardi Dungey. These women have made significant contributions to economics, including identifying problems in utilities markets, influencing fair work conditions and minimum wages, and modelling economies and their international influences.

RBA were able to identify that one of the reasons for this decline in economics education has resulted in a geographic concentration of economics courses in New South Wales and the Australian Capital Territory, making it more difficult for students in other regions to access economics education (RBA, 2022). To address this issue, the RBA is working to encourage more students to study economics and to make economics education more accessible to students in all regions of Australia. The RBA is partnering with universities and schools to promote economics education and is also providing scholarships to students from diverse backgrounds to study economics (RBA, 2022)

Another issue is the diversity in the economics field which is as a result of the share of female students enrolled in economics been declining, which will affect the composition of the economics profession for years to come. To address this issue, the RBA is working to encourage more women to study economics and to promote gender diversity in the economics profession. The RBA is partnering with universities and schools to promote economics education among women and is also providing scholarships to female students to study economics (RBA, 2022)

Conclusion

RBA is playing an important role in promoting diversity in the field of economics which is also part of the SDG goal 4 and 5. The RBA recognizes the importance of geographic, gender, and other forms of diversity in economics education and the economics profession. The RBA is taking concrete steps to encourage broad-based participation in economics and to promote diversity in the economics profession. By doing so, the RBA is helping to ensure that the economics profession is better equipped to tackle the complex challenges facing the Australian economy.

References

Dwyer, J. 2018. What Happened to the Study of Economics?, Address to the Business Educators Australasia Annual Meeting, Sydney, 26 May.

Livermore, T., and Major, M. 2020. Why Study (or Not Study) Economics? A Survey of High School Students, RBA Bulletin, June;

Livermore, T. and Major, M., 2021. What Is Driving Participation and Diversity Trends in Economics? A Survey of High School Students, RBA Research Discussion Paper No 21-0

Dwyer J. 2017. Studying Economics: The Decline in Enrolments and Why it Matters, Address to the Business Educators Australasia Annual Council Meeting, Sydney, 29 July.

May, A.M, McGarvey, M.G. and Whaples, R., 2014. Are Disagreements Among Male and Female Economists Marginal at Best? A Survey of AEA Members and their Views on Economics and Economic Policy’, Contemporary Economic Policy, 32, pp 111-132

May, A.M. McGarvey, M.G. and Kucera, D., 2018. Gender and European Economic Policy: A Survey of the Views of European Economists on Contemporary Economic Policy’, Kyklos, 71(1), pp 162-183.

Fraser, B., 2022. Diversity in Economics – RBA Query, Email to J Dwyer.

Heath, A., 2017. Skills for the Modern Workforce, Remarks to the Career Education Association of Victoria Conference, Melbourne, 1 December.

Sustainable Development Goals (n.d.). Indicators and a Monitoring Framework for the Sustainable Development Goals | Department of Economic and Social Affairs. [online] Available at: https://sdgs.un.org/publications/indicators-and-monitoring-framework-sustainable-development-goals-17958.

Reserve Bank of Australia. (2022, September 28). Economics Education and Diversity: Why It Matters and What We Can Do About It. Retrieved from https://www.rba.gov.au/speeches/2022/sp-so-2022-09-28.html