Since 1969, 84 people have won a Nobel Memorial Prize in Economic Sciences – but only two of them have been women. Women are massively underrepresented in the field of economics – so it’s no wonder they’re also absent in influential theoretical economic models, too. 

If you’ve ever taken a class in economics, you’ve heard of Homo Economicus – the “Economic Man.” The Economic Man is all-knowing, perfectly rational, and ruthlessly self-maximizing. This mythical man is one of the foundations upon which mainstream economics rests. 

First theorized in the 1800s – and still taught in Econ 101 classes everywhere – mainstream economic theory postulates that an economy like ours, made up of millions of Economic Men, does not work through charity or goodwill but, rather, through every actor working in his own self-interest. 

Scottish philosopher and economist Adam Smith asked: How do we get our dinner? He wrote, “It is not from the benevolence of the butcher, the brewer, or the baker that we expect our dinner, but from their regard to their own interest.” By every man working for himself alone, the story goes, our lives are all made better. 

What, then, of the Economic Woman? That’s the question we’ve focused on for the last couple weeks, both on our podcast and in an article for Business Insider.

It will come as no surprise (especially to women) that our male-centric economic theory has had profound, and negative, consequences. It’s caused us to undervalue jobs that women have traditionally held by the billions – whether through personal choice or, more often, because all other options were closed to them – such as care work like raising a family, cleaning, or cooking. 

This solely masculine economic worldview caused the gender pay gap, and its proponents are the so-called "experts" who falsely warn that fixing the pay gap would spell doom for the economy. And it’s responsible for our glorification of the cold-blooded, rapacious, masculine tycoon who will stop at nothing in pursuit of his own self-interest. After all, economic theory teaches us that doing what’s best for me will create the best outcome for everyone. 

It’s also made us all a lot poorer, because by undervaluing, undereducating, and underpaying women for centuries, we’ve reduced women’s contributions to advancing science and innovation and to earnings that will help families thrive and boost the economy. 

Thankfully, more and more people are realizing that, like all stories, Homo Economicus is make-believe – and that we can, and should, rewrite the myth in such a way that women and men are valued equally by the economy. To accomplish this, it’s crucial that women finally be given a voice in the vaunted halls and ivory towers where our economic theories are hashed out and established. We hope you’ll learn more about this work by clicking the buttons below. 

Thank you! 

The Civic Action Team