Question

black voices in economics: a call for representation
black voices have been suppressed in america for far too long. and the problem has become so glaringly apparent in the economics industry that an entire federal agency is still struggling to diversify its staff. even after federal law has required it to do so. the federal reserve, the nations central bank responsible for controlling the monetary system and fending off financial crises, is predominantly white. ten years after the dodd frank act required the system to diversify its hiring, an analysis by the new york times found its still falling far short of being inclusive. even on a smaller scale, it can be hard to find black voices in economics. #econtwitter is dominated by white men. studies show the voices of black economists were largely absent in early discussions of the covid - 19 pandemics financial impact.
in a country where systemic racism steals the promise of a flourishing financial future for black americans, representation matters - especially when it comes to the people responsible for researching, proposing and implementing economic policy that can help lift the community.
economics lacks black voices, perspectives theres a long history of racial inequality in economics. the first black woman to earn a phd in economics, sadie alexander, couldnt practice after earning her doctorate because of racism and sexism in the industry in 1921 - the same year that black wall street was destroyed. the incident took place in tulsa, oklahoma, where one of the wealthiest territories of black - owned businesses was burned to the ground by a mob of white people. george stigler, a 1982 nobel laureate in economics, once argued that black americans were inferior as workers and could achieve economic success with a \willingness to work hard\.
today there is still an overwhelming lack of black representation in the economics industry. only 4% of economics phds in the united states went to black economists in 2018. not many of those professionals end up at one of the highest economic agencies in the country, the federal reserve - only 0.5% of staff at the fed in washington were black in april 2021, according to the new york times analysis. the federal reserve is one of the centerpieces of economic research in the u.s., and its work is highly influential over policy research and development. the agency is responsible for implementing monetary policy that heavily affects vulnerable groups in the country, including black americans.
when there isnt appropriate representation among its researchers and lead economists, policy choices might not be adequate enough to help lift these demographics with the rest of the economy. \if you block out certain perspectives or voices, then youre missing a broad range of experiences that are representative of the broader culture and population,\ says valerie wilson, who holds a doctorate in economics and is the director of the economic policy institutes program on race, ethnicity, and the economy, which analyzes the impact of policy decisions on the economic condition of americas people of color. \by doing that you automatically limit your ability to problem solve as it relates to policy.\ even if the issue of racial representation was resolved at the fed, theres still an alarming lack of research and discussion around racism and equality.
an analysis by the international monetary fund in 2020 found only 0.2% of articles in the top 10 economics journals published over the last 10 years - about 16 articles out of 7,920 total - cover issues of race, racial inequality and racism. and when it comes to amplifying the few black voices in the field, the world of economics strikingly falls short. one study finds black economic authors are slightly less likely to publish in top - tier journals than their white counterparts. without additional focus on these topics, and the voices of experts from within these communities, blind spots are persistent throughout economic research. little change can happen when issues arent properly identified and addressed. william spriggs, who holds a doctorate in economics and is a professor at howard university and chief economist at the afl - cio, acknowledged such blind spots at a conference where he stated economists completely fail to acknowledge everyday racism at all in their research.
why representation matters in economics the industrys lack of attention to - and sometimes blatant disregard of systemic racism - can result in economic policy that neglects the financial condition of a huge portion of the country. and those ongoing policy blind spots perpetuate the racial wealth gap. the racial wealth gap is the result of institutionalized racism that has eaten away at the earnings, savings, home values and overall wealth of americans of color. the gap makes these communities more at risk of financial insecurity throughout their lives, including in retirement. adding more black voices to economics can help close the issue of racial representation. wilson says black economists are largely
question #1
according to the text, what percentage of economics phds in the united states were awarded to black economists in 2018?
a. 1%
b. 4%
c. 10%
d. 20%
question #2
what is the main argument made by valerie wilson, director of the economic policy institutes program on race, ethnicity, and the economy, regarding the lack of diversity in economics?
a. diversity is not important in economics.
b. diversity in economics is a natural occurrence.
c. diversity in economics is a priority of those in power.
d. diversity in economics is not a priority of those in power.

Explanation:

Question #1

The text clearly states "Only 4% of economics PhDs in the United States went to Black economists in 2018."

The text mentions that there is an overwhelming lack of Black representation in the economics industry despite federal law requirements. This implies that diversity is not a priority of those in power (as they haven't effectively implemented diversity). Options A (diversity not important) is incorrect as the text emphasizes the need for it. Option B (natural occurrence) is wrong as the text shows efforts are needed. Option C (priority of those in power) is contradicted by the lack of diversity shown.

Answer:

B. 4%

Question #2