<ul><li>Goldin is acclaimed for her research in the gender pay gap for over 200 years, and the reasons that contributed to this anomaly.</li><li>She also explains the role of contraceptive pills in expanding career and educational choices, especially in the fields of economics, law and medicine.</li><li>Her contribution to economics has a far reaching impact on the lives of everyday men and women. </li></ul>Winning a Nobel Memorial prize in Economics is an extraordinary feat in itself but Claudia Goldin’s accomplishment has significance far beyond the hallowed world of academia. A labour economist and economic historian, she was the first female researcher to be tenured in Harvard University’s economics department and only the third female recipient of the Nobel Prize in this field. She was announced as the 2023 winner for advancing “our understanding of women’s labour-market outcomes”. In an era when diversity is top priority for corporations across the globe, this Nobel Prize could not have come at a better time. Goldin’s research explores the patterns of female market participation and the reasons behind the gender wage gap using data concerning the last 200 years. She showed that female participation forms a U-Shaped Curve. Participation decreased in the transition of society from an agrarian one to an industrial one as it was difficult for women to leave their homes to work in factories and began to increase in the early 20th century with the growth of the service sector. Goldin’s research also talks about the role of contraceptive pills in expanding career and educational choices, especially in the fields of economics, law and medicine. This enabled a change in women’s attitudes towards employment and education as they began to see jobs as an important part of their identity. She described this as a ‘quiet revolution’. <div type="image" title="women at work" msid="104652867" hostid="261" sizebytes="45736" caption="&amp;lt;p&amp;gt;Source: Pixabay&amp;lt;/p&amp;gt;"></div> Despite the rise in the levels of employed and educated women, there continues to be a significant earnings gap between men and women. Goldin primarily attributes this gap to the impact of a woman’s first child or the motherhood penalty. However, she has also studied the role of the’ greedy work’ phenomenon wherein jobs pay those who work longer hours disproportionately more per hour putting women who require more flexible hours at a disadvantage. The topic of flexible work hours has particular relevance post the pandemic with many workplaces offering hybrid setups. She also noted that a female's educational choices, which are made at a relatively young age, are influenced by the experiences of females of previous generations. The Nobel committee described her work as the ‘first comprehensive account of women’s earnings and labour market participation through the centuries’. Her insights and emphasis on women were path-breaking as women have historically been side-lined in the labor market. Jakob Svensson, Chair of the Committee for the Prize in Economic Sciences, stated, “Thanks to Claudia Goldin’s ground-breaking research we now know much more about the underlying factors and which barriers may need to be addressed in the future.” Interestingly, Golden only discovered her passion for economics in the second year of her undergraduate degree at Cornell University. After earning a BA in economics, she obtained a PhD in industrial organization and labour economics from the University of Chicago. She started the Undergraduate Women in Economics Program in 2014, an endeavour to encourage more female economics majors. Her contribution to economics has a far reaching impact on the lives of everyday men and women. <meta content="cms.next" name="cmsei" />

Ever wondered why women get a raw deal at work? Nobel Laureate Claudia Goldin has all the answers

<ul><li>Robert E Lucas, Nobel Laureate revolutionized the approach to macroeconomics and smashed Keynesian school of economics.</li><li>He countered the theory that raging inflation would solve the unemployment problem.</li><li>His wife followed his theory on markets and possibilities and that helped her get half his Nobel prize money even after their divorce. </li></ul>Economists are often seen as storytellers who live in the make-believe world of theory and conjecture. But Robert Lucas, who spent most of his life in the University of Chicago, managed to influence his wife’s thinking so deeply with his theories on the market and possibilities that she made him commit half of the $1 million prize money if he ever won the coveted Nobel Prize. Lucas was divorced six years before he won the Nobel Prize, and he honoured the commitment made in his divorce settlement. His first wife Rita Cohen learned from him that markets did not just exist in the present and future, but also in the realm of possibilities. She clearly believed in the possibility of him winning the much coveted prize one day and it earned her $500,000, long after the divorce. A critique on orthodox economic policies Lucas passed away at the age 85 on May 15. But his theories on the close relationship between price rise and the employment market is legion. He is seen as a neoclassical economist who believed that policy interventions in the form of tax cuts to boost employment, did not work. Many even pronounced the death of the Keynesian school of economics in the 70s, as Lucas became more vocal about his critique of orthodox economic policies. The Keynesian school of economics models that all economic outcomes like output and inflation are a result of aggregate demand. Lucas won the Nobel Prize for Economics in 1995 for developing and applying the hypothesis of rational expectations. Whilst awarding him this prize, the Royal Swedish Academy of Sciences said that “Robert Lucas is the economist whose work has had the greatest impact on the development of macroeconomics and macro econometrics since 1970.” The rational expectations theory Lucas questioned and opposed the theory behind The Phillips Curve, which asserts that governments can decrease unemployment by boosting inflation and growth. His work also challenged Keynesian policy solutions and conclusions related to government intervention in the economy. His rational expectations theory showed that people take rational decisions about their individual economic welfare which will in turn impact the efficacy of government policies. This marked a monumental shift in the world’s approach to and understanding of macroeconomics. He is also remembered for the Uzawa-Lucas model of human capital accumulation and the ‘Lucas Paradox’. He authored many books, some of which include Studies in Business-Cycle Theory (1981), Rational Expectations and Econometric Practice (1981, with Thomas Sargent) and Recursive Methods in Economic Dynamics (1989, with Nancy Stokey and Edward Prescott). Personal life and career Robert Lucas was born in Yakima, Washington on September 15, 1937. His family later shifted to Seattle to open a small restaurant called The Lucas Ice Creamery and he graduated from Roosevelt High School. He attended the University of Chicago where he earned his undergraduate degree in history in 1959. He moved to economics after realising that economic factors were often the key drivers of history. Although he spent his first year as a graduate student at University of California, Berkeley, he returned to Chicago to complete his Ph.D in economics in 1964. He spent eleven years teaching at Carnegie Mellon University after which he returned to Chicago as a professor of economics which he continued for 40 years. In 1959, he married Rita Cohen, a fellow Chicago undergrad with whom he had two sons — Stephen and Joseph. The couple separated in 1982 after which he married Nancy Stokey, a distinguished economist in her own right. They collaborated in papers on growth theory, public finance, and monetary theory. Amongst many laurels, namely the Nobel Prize, he was a Guggenheim Fellow and a fellow of the Econometrics society<a href="https://economics.uchicago.edu/blog/memoriam-robert-e-lucas-jr-1937-2023">. A message from Robert Shimer,</a> Department Chair of The Kenneth C Griffin department of Economics at the University of Chicago, stated, “Bob leaves behind a legacy of revolutionary research, teaching, and leadership that transformed the field of economics and this department.” He is survived by his wife Nancy Stokey, his sons Stephen and Joseph, his sister Jenepher Spurr, his brother Peter J Lucas, and five grandchildren. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/zomato-net-loss-narrows-to-188-crore-in-q4-revenue-rises-70-yoy/articleshow/100358894.cms">Zomato net loss narrows to ₹188 crore in Q4, revenue rises 70% YoY</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/mankind-pharma-pnb-among-stocks-to-become-largecap-from-midcap-mutibagger-rail-vikas-nigam-to-turn-midcap-from-smallcap/articleshow/100356527.cms">Mankind Pharma, PNB among stocks to become largecap from midcap; mutibagger Rail Vikas Nigam to turn midcap from smallcap</a><meta content="cms.next" name="cmsei" />

Nobel prize winnings in a divorce settlement — that’s how much economist Robert E Lucas’ ex-wife believed in him

<ul><li>The finance ministry has recently cut windfall tax on upstream oil producers to zero.</li><li>Windfall taxes were imposed in July to reduce the super profits being obtained from high energy prices.</li><li>In immediate response, shares of Indian Oil, ONGC and Oil India gained but market experts say that the taxes will have no actual effect on the stocks.</li></ul>Windfall tax or the Special Additional Excise Duty (SAED) on domestically produced crude petroleum has been reduced from ₹4,100 per tonne to nil with effect from May 16, 2023. It had earlier been reduced from ₹6,400 per tonne to 4100 on May 1, 2023. These tax rates are reviewed every fortnight by the finance ministry based on the average crude oil price The windfall tax on petrol, diesel and aviation turbine fuel remains at zero. Prashant Vasisht, VP and co-group head of corporate ratings, ICRA said, "The government has slashed the special additional excise duty (SAED) on production of crude oil to nil from ₹4,100 per tonne w.e.f. May 16, 2023. Crude oil prices have been on a downward trend, erasing all the gains that were witnessed post the OPEC+ production cuts. The decline has been largely owing to the recessionary fears in large economies of the world." Windfall taxes refer to levies that seek to reduce an unanticipated level of profit that a company or industry is obtaining due to an event or situation, and not their business decision. The government had first imposed windfall profit taxes of ₹23,250 per tonne in July 2022 to keep the price realization of upstream producers between $75 and $80. Upstream oil producers like ONGC, Oil India and GAIL were making supernormal profits through sales to the international market because of the supply crisis created by the Russia-Ukraine conflict. The windfall tax has been slashed to nil once before, on April 3, 2023 as a result of oil prices dipping below $75 in March. However, it was reintroduced on April 18, after prices rose following OPEC’s announcement of production cuts in early April. Following the latest announcement on Monday 15th, shares of Reliance Industry Limited dipped while those of Indian Oil, ONGC and Oil India rose. However, market analysts say that these gains are continuous with shares increasing from before the announcement was made and that the removal of the tax will have no actual effect on upstream oil producer’s shares. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/airtel-expects-capex-intensity-to-come-down-from-fy25-telco-deploys-team-to-look-into-use-cases-of-artificial-intelligence/articleshow/100306845.cms">Airtel expects capex intensity to come down from FY25, telco deploys team to look into use cases of Artificial Intelligence</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/ondc-not-an-immediate-risk-for-zomato-and-swiggy-as-lower-prices-are-due-to-discounts/articleshow/100298963.cms">ONDC not an immediate risk for Zomato and Swiggy as lower prices are due to discounts</a><meta content="cms.next" name="cmsei" />

Stocks unlikely to be impacted by windfall tax removal

<ul><li>MPOWER provides loans to international students to study in the US and Canada.</li><li>It raised $100 million in equity capital in 2021 from a consortium of investors.</li></ul>Washington based fintech MPOWER said on Monday that it secured a $150 million revolving asset-backed warehouse facility with Goldman Sachs. The Fintech provides non-co-signed loans to promising students across the world. This latest funding will be used to amplify the student loans issued to students attending over 400 colleges and universities across the United States and Canada. Christopher Zaki, head of capital markets at MPOWER Financing said, “Goldman Sachs has an established track record of raising and providing capital to innovative fintechs and we believe MPOWER’s growth trajectory, portfolio performance and global ecosystem supporting students around the world aligns with previous relationships in the sector.” The fintech had raised funds from Deutsche Bank in 2022. In addition, it had also raised $100 million in equity capital in 2021 from a consortium of investors, including Tilden Park Capital Management and King Street Capital Management. The firm’s loan process is fully digital, and as many as 45% of its customers are first-generation college students, and related to STEM disciplines. STEM is an acronym for science, technology, engineering and mathematics. Manu Smadja, CEO and co-founder of MPOWER Financing said “We are thrilled that Goldman Sachs is supporting the MPOWER team as we contribute to the important mission of making higher education and socioeconomic mobility accessible to the millions of international and Deferred Action for Childhood Arrivals (DACA) students studying in North America.” Smadja said that 91% of their students say that an MPOWER loan is instrumental to their ability to study abroad. “So this funding will enable us to further democratize access to higher education,” she adds. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/fii-inflows-may-remain-consistent-in-may-with-turn-in-rate-cycle/articleshow/100234813.cms">FII inflows may remain consistent in May with turn in rate cycle</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/auto/news/tata-motors-posts-net-profit-of-5408-crore-in-q4-beats-estimates/articleshow/100189259.cms">Tata Motors posts net profit of ₹5,408 crore in Q4, beats estimates</a><meta content="cms.next" name="cmsei" />

Fintech MPOWER secures $150 million funding from Goldman Sachs

<ul><li>Third translocated Namibian cheetah Daksha dies in Kuno National Park, MP due to a violent mating interaction with male cheetahs. </li><li>3 out of the 20 cheetahs brought in under Project Cheetah have died between 27th March and 10th May. </li><li>“Such violent behaviours by male coalition cheetahs towards female cheetahs during mating are common,” the government said. </li></ul>Another cheetah was found dead in Kuno National Park, Madhya Pradesh, on May 9 marking the third fatality in about 45 days among the big cats translocated to India as part of a revival plan. The death of the cheetah named Daksha leaves behind just 17 of the 20 cheetahs that were translocated from South Africa beginning September 2022 as part of an initiative to revive cheetahs in India, about 70 years after the mammals became extinct in the country. The initiative, <a href="https://pib.gov.in/PressReleaseIframePage.aspx?PRID=1788373">Project Cheetah</a>, plans to introduce 50 cheetahs in the next five years. Daksha, died after a violent mating interaction with an adult male coalition, which included two male cheetahs, Agni and Varsha. Officials said that Daksha had been released in enclosure number 1 and the male cheetahs had been released from boma 7 (enclosure) for mating, after which they turned violent . A meeting of officials – attended by Inspector General of National Tiger Conservation Authority Amit Mallick, Wildlife Institute of India’s Qamar Qureshi, and the Cheetah Meta Population Initiative’s Vincent van der Merwe – was conducted on 30 April in which the decision to allow this mating was made. “Such violent behaviours by male coalition cheetahs towards female cheetahs during mating are common. In such a situation, the chances of intervention by the monitoring team are almost non-existent and practically impossible,” the Ministry of Environment, Forest and Climate Change said in a statement. This follows on the heels of the death of a female cheetah, Sasha, in late March due to kidney failure and a male cheetah, Uday in late April due to what was later determined as a heart attack. Is such violent behaviour normal? After sexual maturity, adult females are solitary and they only interact with males during mating. Females thus live a mostly solitary life after splitting off from their group, raising their cubs on their own. Male siblings remain together throughout their life. These groups of male siblings are called coalitions. If a female tries to escape the mating attempts of these coalitions, it can lead to violence and extreme aggression by the males. Conservationist van der Merwe said, “It is not unusual for male cheetahs to exhibit aggressive behaviour towards each other, as well as towards females. Cheetahs killing other cheetahs account for 8% of cheetah mortality in the Southern African metapopulation.” SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/go-first-cancels-all-flights-till-may-19-citing-operational-reasons/articleshow/100125411.cms">Go First cancels all flights till May 19 citing operational reasons</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/auto/news/hyundai-reveals-exter-suv-ahead-of-launch-with-5-trims-and-expected-starting-price-of-6-lakh/articleshow/100125286.cms">Hyundai reveals Exter SUV ahead of launch with 5 trims and expected starting price of ₹6 lakh</a> <meta content="cms.next" name="cmsei" />

Mating violence is common in cheetahs say experts after third cat dies at Kuno

Gen Zs are the generation born after the mid-90s. They have evolved their own idiom and sometimes it can seem almost impossible to keep up with their ever-changing lingo. This list will help you keep up with the Gen Zs, be it on text or real life conversations. Salty Do not be fooled by thinking it’s a description for food, this word describes a person acting jealous or slightly hostile. Its usage could be, “She has been really salty ever since I couldn’t attend her party”. L This one letter response implying a loss is very commonly used. It can be used in text to express sympathy or annoyance when something doesn’t go as planned. Its usage could be as simple as, “I can’t come for the movie as I’m travelling, L.” Snatched Used as a compliment to describe an outfit or a particular feature, it basically means looking very good. One might say, “You looked snatched in this new dress”. Chat This word could be misleading but to chat can also mean to make things up or lie. If you’re making a story up or describing something in an incorrect way, you may be told, “Don’t chat, we know this never happened”. Ghosting The act of ghosting can range from ignoring someone’s messages after seeing them to cutting off all ties with a person completely. Cap Similar to chatting, to cap means to lie or say things that are untrue. The phrase ‘no cap’ is used to agree with someone or to signify that one is being truthful or sincere. Usage could be, “I’m actually going for the concert next week, no cap’”. Simp It is used to describe a person who goes overboard being affectionate or doing things for their significant other. It can be slightly demeaning, implying that a person is too soft or even submissive. Bet This simply means to confirm or agree with someone, similar to the word definitely. Usage could be, “Call me when you have time” and you respond,“Bet”. I’m dead Not as morbid as one would imagine, it is an expression used when you find something really funny – essentially the person found it so hilarious she died. One might say, “This meme is so funny, I’m dead” Fam Almost like a term of endearment, it is used by gen Zs while addressing close friends who they consider their fam(ily). A person could tell her friend, “Don’t worry fam, I’ll help you.” <meta content="cms.next" name="cmsei" />

At a loss when it comes to Gen Z lingo? Here’s all you need to know about Ghosting and Snatched

One of Britain’s best known food chains, Pret A Manger, has come to India in partnership with Reliance Brands. It serves the best of what the English can offer, French food. The first store has opened at Bandra Kurla Complex in Mumbai. Lose the stiff upper lip Do not try it with the cabbies of Mumbai, but Pret A Manger sounds nothing like a manger, the English word. The phrase, which means ‘ready to eat’ in French, is pronounced pret-ah mahn-zhay. Fresh from the store The shop will sell freshly prepared coffee, tea, smoothies, cookies, sandwiches, soups, croissants, baguettes and salads. Bowls and baguettes Smoked chicken and red tapenade baguette, smoked salmon protein salad, pickle and posh cheddar granary sandwich, mango and banana sunshine bowl. What about veg? Many international chains have Indianized versions on the menu. However, the original chain also has a vegan version of itself, called Veggie Pret. An Indian Touch Menu apart, the Indian store showcases an adapted version of the Emanating Star, a part of the parent chain’s signature logo. But it has an Indian touch with local tribal motifs – Warli patterns — on the back wall of the shop. Cooked onsite The company is known for its 100% organic coffee. All food will be prepared at their onsite kitchen, will not contain any additives and will never be carried on to the next day. It’s now open The Indian store opened to the public on April 21, 2023. Pret A Manger is brought to India by Mukesh Ambani-owned Reliance Brands, which has a long-term franchise agreement with the British chain. More stores? A second outlet will be opened in Palladium Mall, Lower Parel, Mumbai. An outlet will also be opened in DLF Cyberhub, in Delhi. History of the Company The first store was opened by Jeffrey Hyman in June 1983, at 58 Hampstead High Street. Now, it has over 450 stores across the world. <meta content="cms.next" name="cmsei" />

Pret a Manger: It’s French, it’s fresh and is now in India

<ul><li>Business Insider India’s mystery shopper visited Mumbai’s Apple store on the very first day and compared it to the stores she visited in the US. </li><li>Most visitors came in groups, and a few even visited during office breaks. </li><li>Even with a large number of visitors, Apple Geniuses of all nationalities were welcoming visitors and giving demos. </li></ul>I am writing this article on a MacBook Pro — a product that was launched the year I was born, 2006. Since then, all Apple products be it iPods, iPads, iPhones or Apple TV have been a part of my life. I have been to an Apple store before too at New Haven in Connecticut, but my most memorable Apple store visit is the freshly launched one at Jio World Drive in BKC. Though I was a tad late to be welcomed by Tim Cook, the CEO of Apple, the feeling of euphoria was still there. There was music playing, people were just as excited even at 12 noon — even in the heat while waiting in a queue. There were two singers belting out songs, performers dressed in colorful costumes dancing in front of a rapturous audience. I stood in the long line for half an hour to enter the store, the queue seemed to wind indefinitely reminding me of an airport security line. The Apple team was sending people inside in batches and as expected, people were lingering around soaking in the sights. However, the smiles on the faces of the people exiting the store with tote bags that had a customized Apple logo on them — made me feel that the wait was worth it. Mid-day summer’s heat Needless to say, the heat outside was palpable – over 36 degrees Celsius. But there was another kind of warmth around too. The Apple team was giving out water bottles to those battling the Mumbai sun. Around me were people of all ages, most of whom had come in groups, and there were some in office attire too. Ahead of me was a Punjabi-Canadian couple who were in Mumbai for a holiday. The die-hard Apple fans had penciled a Mumbai store visit into their itinerary, and were keen to buy products too but were worried that the prices here would be much higher than they would in Canada. Behind me was a father- son duo from Mumbai who shared that they had mainly just come for the experience, but would consider buying a pair of Air pods. I was extremely interested to learn that this BKC store is one of Apple’s most sustainable outlets so far. It runs completely on renewable energy and is operationally carbon neutral. It seems to be a part of Apple’s journey towards carbon neutrality. The company has committed to use only recycled earth elements in its magnets, and increase the use of less carbon-intensive transport. <div type="image" title="apple2" msid="99682864" hostid="261" caption="&amp;lt;p&amp;gt;Source: IANS&amp;lt;/p&amp;gt;"></div> What’s in the store? As I stepped inside, Apple staff of different nationalities were standing at the door, welcoming us customers effusively. Although the store was teeming with customers, there were enough Apple Geniuses to guide and interact with each individual. One of the Geniuses told me that they were pleasantly surprised by the magnitude of the crowd. Another Genius who had been working with Apple for two years, said that she had anticipated it. The store was choc-a-bloc but there were many Geniuses all ready to answer questions and help make a purchase. Most visitors were exploring the different features of iphones, Macbooks and ipads. I, personally, was in awe of the variety of accessories on display, especially Apple Watch Straps. I enjoyed watching the interactive session being conducted by a genius and also trying out the noise canceling headphones at the Apple Arcade session. Most first-day visitors were lining up to buy accessories, but the store staff said that many laptops and phones flew off the shelves as well. This store seemed exceptional not just because it is the first in India but even in comparison to others the Mumbai store stands out. The store in New Haven, Connecticut, a much smaller structure, was a far less memorable visit. The staff here was much friendlier and more affable. The impressiveness of Apple BKC is far more akin to that of the Marina Bay Sands Apple Store, a spherical structure sitting on the water. Some other stores which I haven’t visited but seem mind-blowing are the Apple Tower Theatre in Los Angeles, USA and the Apple Piazza Liberty store in Milan, Italy. The Apple store in Dubai Mall has a falcon -themed design, with solar wings resembling the movement of the bird opening. The store in Fifth Avenue in New York, an all-night retail store also known as the ‘Cube’ which has a spiral staircase leading to a grand hall below the plaza where it is located. The multilevel Regent Street Store in London, England not only has the longest custom made luminous ceilings panels in the world but is also listed as a historical façade. Overall, I felt the Mumbai store lived up to the hype and I hope to visit the store opened in Delhi as well. (The writer, Ananya Tawakley is an intern with Business Insider India. The writeup is a first person account of her visit to the Apple store.) <meta content="cms.next" name="cmsei" />

Ananya Tawakley

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