Just like most professions, economics has long been dominated by men who have predominantly shaped economic thought and history over the past centuries. However, recent decades have been a testament to the ever-evolving landscape of economics, as the increasing role of women has intensified, this paved the way for a more inclusive discourse in the field and making their respective marks in both the academe and policy-making. We have also witnessed how women continually contribute to advancing the field of economics, such as economic development, macroeconomics, and finance, among others—both domestically and globally. Their growing presence signals a shift in the individuals who shape economic thought and how we understand and address global challenges such as inequality, climate change, and social justice.

Yet, despite these advancements in the field, women are still at the forefront of many challenges, from gender biases to the underrepresentation of women in various economic activities and decision-making in society. This article delves into the achievements of women in economics, highlighting key figures who have broken barriers and reshaped the discipline. As we celebrate International Women’s Month, let us look back on how notable women economists contributed to advancing economic thought and continue to shape the global landscape.

Women have played a vital role in shaping economics, breaking barriers, and driving meaningful change. Their contributions have advanced policies globally that promote sustainability, poverty alleviation, and gender equality.

• Elinor Ostrom, the first woman to win the Nobel Prize in Economic Sciences in 2009, revolutionized our understanding of resource management through her research on the commons, proving that communities can sustainably govern shared resources without state intervention. The Royal Swedish Academy of Sciences recognized Ostrom "for her analysis of economic governance," highlighting her research on how groups can effectively manage common property resources. Her study became a landmark achievement in the field of economics by showing how common resources—such as rivers, forests, or fisheries—can be efficiently managed by individual economic actors who utilize such resources even without government regulations or privatization. The Royal Swedish Academy of Sciences emphasized that her research "teaches us novel lessons about the deep mechanisms that sustain cooperation in human societies." While some found her selection—along with co-recipient Oliver Williamson of the University of California, Berkeley—unusual, others viewed it as a fitting response to the free-market inefficiencies exposed by the 2008 financial crisis.

• Esther Duflo, an MIT professor and advocate for poverty reduction, became the second woman to win the Nobel Prize in Economic Sciences in 2019 for her pioneering work using randomized controlled trials (RCTs) to assess and improve social policies, significantly transforming global poverty intervention strategies. Along with her co-researchers Abhijit Banerjee and Michael Kremer, Duflo was awarded the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel "for their experimental approach to alleviating global poverty." One of the notable findings from their study in India highlighted that efforts to increase school enrollment must be paired with reforms to improve the quality of education. The Royal Swedish Academy of Sciences emphasized that "their experimental research methods now entirely dominate development economics." Duflo, reflecting on her research, stated, "Our goal is to make sure that the fight against poverty is based on scientific evidence," underscoring her commitment to evidence-based policymaking. This breakthrough research has reshaped the way interventions to combat poverty are designed and implemented globally.

• Claudia Goldin, a Harvard economist and the 2023 Nobel Laureate for Economic Sciences, has made groundbreaking contributions to understanding women’s labor market outcomes, shedding light on the historical barriers to gender equality and influencing contemporary labor policies. Her research has offered key insights into the persistent wage gap between men and women, the role of motherhood in shaping women's careers, and the evolution of women's participation in the workforce. Goldin's work has been instrumental in providing a deeper understanding of the historical and ongoing challenges women face in the labor market and has influenced policy discussions aimed at improving gender equality in the workplace. The Royal Swedish Academy of Sciences recognized Goldin for her pioneering work in uncovering the long-term impacts of gender inequality and how these disparities can be addressed through systemic changes in economic and social structures.

In the Philippine context, women have made significant strides in the country's economic and political landscape, shaping the nation through their leadership and advocacy for inclusive growth.

• Gloria Macapagal Arroyo is the second female President and the first woman Vice President of the Philippines. She earned her Bachelor of Arts degree in Economics from Assumption College, graduating magna cum laude in 1968. She pursued a master's degree in Economics at the Ateneo de Manila University and obtained a PhD in Economics from the University of the Philippines Diliman in 1985. During her term, she helped boost economic growth and introduced the Framework Plan for Women, which aimed to empower women economically, protect their rights, and promote gender-responsive governance. It was also during her term as president that the nine-year implementation process of the K-12 curriculum began on May 20, 2008, after Senator Mar Roxas filed the Omnibus Education Reform Act of 2008, which aimed to strengthen the country’s education system. Prior to becoming Philippine president, she served as a senator from 1992 to 1998. During her term as senator, she was instrumental in the passage of several bills into law, including those related to loans for women and micro-enterprises, the Bank Entry Liberalization Law, the Thrift Bank Act, the Anti-Sexual Harassment Law, the Crop Insurance Law, and the Magna Carta for Scientists, Engineers, Researchers, and Science and Technology Personnel in government.

• Maria Leonor “Leni” Gerona Robredo, the second woman and 14th Vice President of the Philippines, earned her Bachelor of Arts in Economics from the University of the Philippines Diliman. She later obtained her Juris Doctor degree from the University of Nueva Caceres and became a member of the Philippine Bar in 1997. During her term as Vice President, she focused on poverty alleviation and grassroots development through her Angat Buhay program, which supported community-driven projects across the country. After her term as Vice President she founded Angat Pinas Inc., commonly known as the Angat Buhay Foundation, a non-profit, non-governmental organization with the mission of responding to the needs of marginalized communities by mobilizing the largest volunteer network to implement Bayanihan programs. Angat Buhay advocates for public education, health, nutrition and food security, climate action and sustainability, community engagement, and arts and culture. Atty. Robredo is currently the chairperson and president of the Angat Buhay Foundation.

• Solita “Winnie” Monsod earned her Bachelor of Arts in Economics, cum laude, from the University of the Philippines Diliman and later obtained her master’s degree in Economics from the University of Pennsylvania. A renowned economist and the first woman to become the Director-General of the National Economic Development Authority, she has advocated for policies that address social justice, poverty, and inequality, shaping the economic landscape of the Philippines.

• Anita Linda Aquino earned her degree in Business Economics from the University of the Philippines Diliman and was appointed to the Monetary Board of the Bangko Sentral ng Pilipinas in 2020, becoming the first female banker in the Central Bank’s history. She offers invaluable expertise in financial markets and guides economic policies.

• Rosalia V. De Leon is the only woman currently serving on the Philippines’ Monetary Board, the highest policy-making body of the country’s central bank. She earned her economics degree from the University of the Philippines and her Master of Arts in Development Economics from Williams College, Massachusetts, USA. Prior to her post on the Monetary Board, she served as the Treasurer of the Philippines from November 2012 to January 2015 and from February 2017 to September 2023. As the Head of the Bureau of the Treasury, she led initiatives in capital market development, oversaw the country's sovereign debt management by shaping borrowing policies, drove the advancement of digital platforms and financial products to enhance market accessibility for a broader investor base, and promoted financial inclusion by introducing investment products that enabled previously underserved sectors to invest in sovereign bonds.

• Bernadette Romulo-Puyat is one of the two women currently serving as Deputy Governor of the Bangko Sentral ng Pilipinas. She obtained both her undergraduate and master’s degrees in Economics from the University of the Philippines Diliman. Prior to her position, she served as an Undersecretary of the Philippines’ Agriculture Department and later as Secretary of the Department of Tourism during the Duterte Administration. In her current role as a deputy governor of the BSP, she draws on her expertise in agriculture and tourism to tackle financial challenges. She champions financial literacy, expands access to services for farmers and entrepreneurs, and drives consumer protection and digital finance. Her work supports strategic communication, regional operations, and a more inclusive financial ecosystem.

• Ameah “Mina” Flaminiano Pangandaman earned her bachelor’s degree in Economics from Far Eastern University and pursued further studies in Development Economics at the University of the Philippines Diliman. She has contributed to key policies across various government sectors through her experience in the Senate, Executive, and Central Bank. She is currently the Secretary of the Department of Budget and Management (DBM) in the Philippines.

• Majah-Leah V. Ravago, the 10th and current President of the Development Academy of the Philippines, earned her bachelor's degree in Business Economics and a master’s in Economics from the University of the Philippines, as well as a PhD in Economics from the University of Hawai‘i Mānoa. An accomplished economist and policy advisor, she has extensive experience in energy economics, competition policy, and development economics, leading high-impact projects and consulting for global organizations like the World Bank and USAID.

These women have significantly impacted the Philippines' economic development, each leaving a legacy of progress through their leadership, advocacy, and commitment to social equity. But, there are just a few examples of the many women who have shaped the Philippine economy. Countless others, through their dedication, vision, and leadership, continue to influence the nation’s economic trajectory and contribute to its growth and development.

The rise of women in economics is not just a milestone for advancing a more just and inclusive society as we move towards breaking down the barriers imposed by gender. Women continually push the boundaries of economics and contribute to providing new understanding that challenges traditional economic concepts. But this does not mean we are at the finish line of making the field all-inclusive. The journey of including people of diverse genders and backgrounds is far from over. Gender disparities persist every time women are underrepresented, most especially in the context when their voices are needed the most to advance the cause of a more just, inclusive, and developed society. 

The future of economics lies not in the dominance of one voice but in the harmony of many—where women’s perspectives are integral to shaping policies that genuinely reflect the diversity of our world. Moving forward, as we recognize the role of women in the economy and society at large, we must build an environment where women can thrive, not just in the field of economics but also in other fields dominated by men, and break down systemic barriers of gender inequality that have been embedded in the tapestry of our society.