The Economics of International Women's Day

The Economics of International Women's Day  

The Gist

March 8th is International Women's Day. International anything days do very little, for sure, but the point of this day is very important. Forbes recently, and the Economist previously, highlighted the importance of women to the world economy. Evidence suggests that women are more likely to reinvest their profits in education, their family, and community. According to the United Nations, "an estimated $16 trillion in global output is currently 'invisible,' of which $11 trillion is estimated to be produced by women." Research by the International Monetary Fund shows that women (unlike men) who are given more access to capital use it to contribute directly to their children's development. This, in turn, indirectly adds to a nation's income growth. In the developing world, where agriculture is the economic mainstay, 43% of all farming and almost 100% (surprise surprise) of all household work is done by women. So, in a nutshell, women do more to keep the world going (and fed, nurtured, and healthy) than men....and now you know the gist.