Feminist Economics: Addressing Gender Pay Gap and Wealth Inequality

No matter how forward we keep moving, we are not going to be on the same page unless we are all equal and understanding. It is important to recognize female workers in workspaces as much as they deserve it. This Medium article sheds light on the gender pay gap and more, dive right into the details with me! — A hardcore feminist.

Female Population

The female gender fills up half of the world’s population and from contributing in the workforce to household to the economy overall, women have been doing it all. But regardless of their efforts, they are denied the acknowledgment, respect, and pay for it. And discrimination and unequal treatment persist in homes, in companies, and in women’s everyday duties.

This has led us to the wealth gap which denies women the opportunities to feel as equal as the other genders. And by this, I don’t mean to support women who work less and expect more, I only intend to shed light on women’s struggles and the reality behind people working on the same thing and still getting paid less than that.

The Feminist Economic Theory: Women in the Working Sector/Corporate

With the rise in the opportunities in the world today, women have been showing up at workplaces to thrive but it is important to notice the changes we have made so far and how not everyone has been able to adapt to the changes. It happens knowingly and even unknowingly because of the inherited mindset of decision-makers. From saying things like “she obviously found her way up by spreading her legs” to “she can’t be trusted with the decision because she is a woman”, it shows how unfair we have been towards women.

Feminist economics sheds light on companies’ economics or policies while being inclusive of all the gender involved. It addresses gender inequality, acknowledges their contributions, and makes sure that if it is valuable enough then it must be put forward, be it in terms of economic participation, leadership roles, or salary expectations. It is significant as it presents how devalued women are in the corporate sectors as compared to their other colleagues.

Feminist economics is a theory that aims to address gender inequality in the economy. It recognizes the contributions of women to the economy and seeks to promote their economic participation. One of the key issues that this theory addresses is the lack of representation of women in the corporate sector. Women are often underrepresented in leadership positions and are paid less than their male counterparts.

Wealth Inequality: The Pay Gap Reflecting The Gender Biased Behaviours

I am not saying it but the facts speak for itself. The wealth gap is significant as according to the Women’s Wealth Gap report, $5,541 is the net worth of women in the US which is less than half of the $12,188 average net worth of a man. Numerous factors contribute to this gap including occupational segregation by gender, discrimination in terms of wages offered for similar work performed by different genders, and biased hiring practices that favor male candidates over equally qualified female candidates.

This wealth gap is the reason behind people taking up underpaid or even unpaid jobs, facing discrimination, and not feeling valuable enough at workplaces as the gender pay gap is too much to be ignored. In addition to this, it is worse for women of color. Research has shown that even within industries where females are well-represented; they still earn less than their male counterparts do (Blau & Kahn 2017). Such disparities reflect deeply-rooted biases within economic systems.

Lack of Education

I always wonder why there are so many men in leadership roles, do you too? I can’t stop thinking about the lack of skills or opportunities for women and then I look around and understand. The lack of education and access to resources because of the mentality that women are supposed to be homemakers or study enough just so they are not illiterate is promoted so much. The priorities for them are taught to be different and that’s why recruiters find it problematic when someone they are hiring might actually need to take caretaking or maternity leaves. And also, a lack of understanding of one’s rights at the workplace opens up a space for discrimination.

Also Read: Are We Raising Our Daughters Right?

Unemployment

Women are more likely to either stay unemployed, though that has gotten better. Or prefer working more in the sectors like hospitality or retail and they do pretty well there but these are also vulnerable to economic shocks, leaving women with no job security. Furthermore, the discriminatory hiring processes don’t help either and how are women going to work on their potential when they are not even given a chance just on the basis that they are a weaker gender?

Do the Rich Keep Getting Richer?

The power in a few individuals’ hands is another factor leading to wealth inequality and this is inclusive of all the factors considering the economies today. For example, in the US, the top 10% of households hold 70% of the wealth. This unfair distribution of wealth has done no good to anyone as people are struggling to even make ends meet.

Now, how can one help the less privileged ones? By supporting them mindlessly? No. Just presenting them with opportunities is enough because I don’t intend to implement that you are supposed to spoon-feed anyone. You help people but only in a way that they recognize their potential and what they do with it is on them.

Gender-Blind Economic Policies

Why do economic policies exist? To save people from unfairness. Well then, women work too, include them and consider them while coming up with decisions. It has been getting better with paid maternity but we still need policies that address the gender pay gap and other discrimination that leads to problems. Because there are still some developing companies that are lagging and how does that help? So, being more gender-sensitive and promoting equality even in the economy is what will help.

Tackling Discrimination: Make It Better

The first step to making it better is addressing the fact that we still need to include gender equality while talking about the economy is crucial. And this also can’t be done by a privileged few but a joint effort of government, employees, and the society overall is what will make it happen.

It can start from small measures like equal pay, opportunities, and the space to express women’s opinions without being called a “bitch”. Moreover, this can be cured by going to the root cause of gender stereotypes and being more aware of gender equality because that will make things better eventually in all aspects of your life.

Final thoughts? The wealth gap between men and women is a significant problem that requires urgent attention. Feminist economics provides a useful framework for addressing this issue and promoting gender equality in the economy. By promoting education, addressing discrimination, and developing gender-sensitive policies, we can work towards a more just and equal society for all.

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