Are core principles of Feminist Economics even possible? This gender inclusive social science challenges economic analyses that treat women as invisible by suggesting methods to measure women’s unpaid domestic work but accurately measuring such labor is the most vexing challenges economists and statisticians face. Because policymakers function with a mindset ignorant of the impact of growth on female labor or how it is affected by women’s work, usually they fail to incorporate this work into their labor market policies. Another problem is the definition of the workforce. How do we determine which aspects of work are counted in the labor force and how do we make that more gender inclusive? There are many unfinished problems with Feminist Economics that still needs improvement.
In many important decision-making areas of American life, women remain vastly outnumbered, and the Glass Ceiling Index shows it. In the United States, there are fewer female CEOs than there are business owners named John and David. The country also has never had a female president, yet there were six named James, five named John and four named William. Although more and more girls around the world are becoming literate and people are becoming more receptive towards gender equality issues, economic and political gender gaps remain significant.
Inclusive development and gender equality is the best path towards economic, social and political growth. Promoting gender equality in a nation is most likely to result in improved health care and education system, higher per capita income, and greater international competitiveness. Global GDP can be raised by 12-15% by 2025 if attempts at closing gender gaps can increase the female participation in the labor force. Although women do three times more unpaid labor than men, only 50% of women aged 15 and above are in paid employment, compared with about 75% of men. Despite their same or even better performance in jobs, females are generally paid less than men. Policies from businesses and large corporations to combat social stereotypes and biases to encourage more women are necessary.
Feminist economists believe that Economics, an impactful social science that determines the livelihood of all nations, falls short on representing the economy as a full. They regard the study as too much of a man’s world. Alfred Marshall, the man who established main concepts of Economics, refers to it as “the study of men as they live and think and move in the ordinary business of life”. This casual ignorance towards women is the fundamental issue that these experts are trying to solve. Female domestic labor is not counted towards GDP; hence, indicating how sexism is cemented in this social science. However, progress has been made. The United Nations and other international agencies benefit from measures that include more than just cash income.