Women are a Valuable Asset for Economic Growth
The neoclassical theory of economics asserts labor supply from the female gender is a function in creating value. Women create economic value at a market wage through the substitution effect. More so, women undertake the income effect function in order to create and improve the family’s economic welfare. Thus, women strive to create and improve economic value in social and economic aspects. This is despite of constraints from gender inequality coupled with cultural, religious, and traditional restrictions. Gender equality seeks to support women make important decisions and formulate valuable policies. They ought to be aligned to economic aspects essential in improving living standards among global nations. Gender equality ought to provide equal opportunities for women to gain education, advance in economic activities, and undertake humanistic and social endeavors (Duflo, 2011).
Recently, world economic forums have focused on supporting and encouraging women to advance in commercial ventures and activities. Studies show that more women have been leading in promoting considerable, flexible, achievable, and beneficial economic activities. They undertake activities to improve global economies and standards of living. For example, the Forum Global Competitiveness Report published a report asserting women as participating in qualitative workforce aspects. Thus, a larger number of women are incorporated in competitive economic activities to achieve gender equality and attain strategic capitalization aligned to acceptable political and economic policies. This dissertation, therefore, aims at discussing measures encouraging and supporting women to undertake more economic ventures across global societies. It will assert women as valuable asserts among global societies in fostering economic growth and development. It will focus on three women from the United Kingdom, Liberia, and United States namely, Ellen Johnson, Mitchell Obama, and Margret Thatcher.
- How many countries will be discussed in this dissertation?
- Are there women of valuable assets from these countries?
- What are their education levels?
- What is their marital status among the women who have massively contributed to economic growth and development?
- Have they faced religious, cultural, and social challenges?
Xin Meng asserted women have faced economic inequalities for decades. However, increased numbers of campaigns to raise awareness on the role of women to undertake and achieve economic growth and sustainability have improved social and economic standards in the country across both genders. Asian countries including Korea, Japan, Hong Kong, Taiwan, and Singapore were referred to as developing nations in comparison to the Western States. For decades, women residing in Asian nations have faced several barriers, restrictions, and challenges. They prohibit them from engaging in economic activities. For example, women faced diverse religious and cultural restrictions prohibiting female gender from chairing positions aligned to achieving sustainable economic growth and development. Thus, countries recorded reduced rates with regards to economic growth and development in comparison to western nations (Xin, 2005).
However, the campaigns increased the number of women accessing and gaining an education. Consequently, higher numbers of women were able to chair powerful positions tasked with formulating vital decisions and policies aligned to economic growth and development. Currently, the United Kingdom, Liberia, and United States believe women are vital and valuable assets in achieving and improving economic growth and development.
4.0 Methodology
This dissertation will utilize in-depth researched information acquired from journal articles. The journal authors have conducted interviews and surveys across governmental and non-governmental organizations. These organizations have been successfully employed and controlled by married and single women. In order to comprehend the nature of work undertaken by women, it is important to discuss the various roles women are officially and unofficially in urban and rural areas expected to engage.
In authoring this dissertation, limitations included the inability to conduct actual field research work. This can be attributed to constrained time and financial resources in conducting questionnaires, surveys, and interviews in order to execute the dissertation. More so, it was challenging to evaluate the economic value in relation to roles and responsibilities undertaken by women including breastfeeding and showing love and care to the family. However, the article applied the fair market rates to evaluate the economic value contributed by women.
In the past, the female gender hardly participated in social, economic, political, and educational aspects due to gender inequalities. As a result, women have been fighting and striving to achieve gender equality in the various global aspects and sectors (OECD, 2008). Economic growth is vital in reducing levels of poverty and the high unemployment rates among global nations. More so, economic growth ensures income levels increase, standards of living improve and social, political, educational, and economic aspects improve for a stable future. Thus, countries and governments ought to support male and female genders in stimulating and sustaining economic growth. Developing nations formulate policies aligned in improving economic growth and development for a stable future. Thus, they strive in providing equal and fair economic opportunities to men and women in order to engage in activities fostering economic growth and development. However, it has been challenging for several developed and developing nations to achieve gender equality (Bandiera & Natraj, 2013).
For example, Muslim women are not allowed to undertake commercial activities. Instead, the religious and cultural aspects dictate for women to undertake household chores. Consequently, some societies traditionally prohibit women from either owning or inheriting land. The land is a crucial asset in achieving economic growth and development among families, societies, and countries. Thus, women have faced several restrictions prohibiting them from accessing education and undertaking commercial and beneficial economic activities. For a long period of time, investors, governments, and agencies influencing international markets have presumed the valuable roles women play in successfully undertaking economic growth and development.
The neoclassical theory of economics predicts that labor supply from the female gender is a function in creating a market wage for women through the substitution effect. More so, it is a function in relation to the income effect through which a woman improves the family welfare. Thus, women are valuable economic agents who strive to maximize time and budgeted resources to improve and increase social and economic welfare. Women are often tasked with household activities such as cooking, cleaning, childbearing, and home keeping. The male gender does not acknowledge the economic value contributed by women from undertaking these chores. This is mainly because it is challenging to equate household chores to income levels earned by the male gender. However, the neoclassical economic theory asserts individuals contribute to economic growth and development in two ways. Foremost, they can contribute by working in the market. Secondly, people can choose to work at home while maximizing the available leisure time to increase and enhance family utility (Duflo, 2011).
In 2005, the tenth anniversary of the Beijing World Conference on Women was marked and celebrated. The forum was established to display that women have renewed energy. They are focusing on economic efforts to empower the female gender in social and economic aspects. Thus, the forum was a platform utilized to indicate women are capable of contributing economically, socially, politically, and in the education sector in equal measures as the male gender. Speakers however asserted women ought to access equal opportunities to achieve their goals and objectives in relation to gender equality. This translates to a number of global persons from the female gender struggling to contribute to economic growth, development, and sustainability. The struggle can be attributed to a lack of supportive government and agency decisions and policies to facilitate women’s participation in economic forums and activities (Cuberes & Marc, 2011).
Africa takes part in international trade. International trade facilitates the trading of imported and exported commodities across domestic and international nations. However, very few nations in Africa benefit from international trade. This can be attributed to various reasons. Foremost, international trading policies often impose tariffs limiting economic activities between Africa and the rest of participating trading nations. Consequently, cultural, religious, and traditional restrictions have limited the number of persons allowed to participate in international economic trading activities (Duflo, 2011).
Women have suffered due to gender inequality. Men presume being breadwinners, they are the ultimate creators of social and economic value. However, as women strive to achieve gender equality, they have proven they can contribute to economic and social growth and development. Economists assert contributions from women are mainly based on the substitution effect. This is translated as a woman utilizing market wages and economic opportunities to increase and enhance social-economic and family earnings in relation to the contributions from men. Although men presume this form of economic contribution, Xing Meng explains its value under the following terms. Foremost, women are tasked with ensuring the family has sufficient food for consumption. Secondly, they are also tasked with the responsibility of determining the number of children born in the family. This ensures the family bears a number of children that do not exceed the income effect. Consequently, women strive to ensure children are enrolled in an education system. Lastly, they undertake these social-economic, educational, and family duties while enrolled in female labor supply in their quest to achieve gender equality (Xin, 2005).
Thus, women undertake several valuable roles and responsibilities simultaneously and successfully. The roles and responsibilities can be described as either social or economic based on the amount of income a woman is able to increase family revenues and earnings. However, all the responsibilities women engage in can be directly or indirectly linked to economic growth and development. For example, women determine the most suitable number of children they ought to bear in order to establish a family. Thus, women are creators of valuable and sustainable family units. They strive to ensure the number is flexible to the income levels and economic status in the family. However, the number of children often exceeds the income limits in the family. Consequently, women undertake both agricultural and non-agricultural economic activities to substitute and enhance earnings. Ultimately, they improve the economic status in the family (Bandiera & Natraj, 2013).
Several families are established as single entities. Single-family units under the care of women are able to survive, educate children and acquire a respectable social position in society. This can be attributed to the valuable responsibilities undertaken by the woman heading the family unit. Educated single mothers are able to acquire a job vacancy on the corporate ladder. Consequently, they are able to provide for the family both socially and economically without neglecting aspects affecting and influencing the growth and development of the family unit. They also ensure children are clothed, fed, educated, and housed in a quality household. Disadvantaged single mothers who lacked an opportunity to access and knowledge also strive to provide for the family. They engage in manual economic activities guaranteeing them of income amounts. Although they retrieve little amounts of income, they always ensure the family unit is well taken care of and provided (Demirguc-Kunt, Klapper & Singer, 2013).
There are several women across global nations from developed and developing nations acknowledged for their impeccable contributions. Some are acknowledged for empowering women thus, appealing to them to undertake more economic responsibilities. Conversely, the rest are worldly acknowledged and appreciated for their struggle to achieve gender equality. In Africa, the President of Liberia Ellen Johnson is worldly acknowledged for the social, economic, political, and environmental stabilities in the country. She took the oath of office as the president of the nation when the country was suffering from poor economic, social, political, and environmental aspects. However, she has ensured both genders in the country have played equal and fair roles and responsibilities in improving the various aspects of Liberia.
Currently, the country is proud and globally listed among nations aligned in achieving gender equality. Consequently, women in Liberia are able to access equal and fair economic and social opportunities as men. Thus, they have also played a key role in growing and developing the country to higher and improved economic and social status. They strive to ensure they undertake valuable roles and responsibilities aligned to developing and improving family units as well as the country’s economic status. Thus, President Ellen Johnson is a perfect example of women who have undertaken roles and responsibilities in creating both valuable social and economic aspects in the society and country successfully.
In the developed United States, the number of women in management positions is higher in comparison to Africa. Women in the United States constitute more than two percent in managing positions. They act as chief executive officers among over five hundred fortune-making companies. Consequently, over twenty-three percent of women are engaged in making boardroom decisions and policies. Currently, the first lady in the United States Michelle Obama has undertaken social and economic roles to create value among women and children across the country as well as globally. This proves that women are valuable assets within various managing positions.
Michelle Obama strives to ensure a larger number of American citizens are able to access high-quality healthcare. She undertakes this goal aligned in reducing mortality rates to protect and preserve women, children, and families from illnesses and diseases. She partakes in various forums and conferences across the country as well as global nations to encourage and support gender equality. She believes occupations among global persons play a key role in fostering economic growth and development. Her assertions are aligned to the economic theory. The economic theory asserts that occupations among people are functions for employers to have the will and desire in hiring employees to attain the labor demand. Thus, women with the will and desire to work to fulfill the supply of labor function create economic value. This is because they provide human capital through crucial in fostering economic growth and development.
In the United Kingdom, Margret Thatcher was recognized as the longest-serving British prime minister. Besides serving as the prime minister for twenty years, she also served as the leader of the Conservative Party for fifteen years. She is worldly acknowledged as a valuable asset in the British government. She undertook her roles and responsibilities as an official government leader in an uncompromising style. She formulated and implemented policies during her tenure aimed at developing the nation.
Margret Thatcher also undertook political and economic initiatives aimed at reducing the high rates of unemployment in the country and the adverse effects of the recession. She believed in formulating policies and initiatives aligned to economic, social, and political growth in the United Kingdom. Her philosophies as a powerful woman in a managerial and political position were emphasized on privatizing state-owned organizations and establishing flexible labor markets. These goals were aligned in promoting gender equality, economic growth, and the elimination of racial discrimination in the United Kingdom. She was however regarded as a ruthless leader thus being nicknamed the iron lady. However, Margret Thatcher promoted, supported, and improved domestic and international economic, social, and political aspects in the United Kingdom (Campbell, 2008).
Economic researchers assert economies grow and develop based on the commercial ventures undertaken by populations in a country. This translates to reduced economic growth and development in a country recording low economic and commercial ventures. Conversely, societies that encourage the populace to engage in diverse economic activities often achieve growth and development at a gradual pace. Thus, when women gain education and engage in economic activities regardless of the religious, traditional, and cultural limits they prompt for remedial economic actions. The economies grow beyond the inferior position as they are further influenced by attempts to achieve gender equality to support and foster economic growth and development (Augusto & Saadia, 2005).
It is important for governments and agencies to engage women in order to support and foster growth and development in relation to social and economic aspects. However, it is also important to note economic status of female gender ought to change positively in relation to economic growth and development. Xin Meng asserted that savvy women supporting and encouraging economic growth and development among nations improve economic status for everybody to benefit. However, governments, investors, and agencies do not perceive women to contribute equally in relation to economic aspects. This can be attributed to negative, restrictive, and limiting attitudes among members of the society in acknowledging women have equal strengths, capabilities, and access to opportunities as men. Thus, male-dominated societies and nations based on deeply rooted cultures and religious beliefs influence the economic value women contribute (Xin, 2005).
The economic value of women is often compared to the male gender in relation to the labor force, participation within the wage-earning group and the remuneration level, occupational attainment, and the amount of time spent in the household sector. Research conducted among Asian countries revealed that women undertake almost equal economic activities as men. The number of women involved in agricultural activities, self-employment, and economic commercial engagements as part of family work has dramatically increased since the 1970s and 1980s. Consequently, economic growth and development in Asia have also increased (Xin, 2005).
Economic growth is highly facilitated by high and increasing employment rates, reduced poverty levels, improved infrastructures, and easily accessible financial services coupled with applicable and suitable legal principles and regulations. Ellen Johnson, Mitchell Obama, and Margret Thatcher represent the higher number of women in the world striving to create social, political, and economic value. Women face gender inequality as well as cultural, religious, and traditional restrictions coupled with limiting stereotypes. However, they retain responsible roles and responsibilities aimed at creating value in the society, country, and globally. They take up employment opportunities working equal or longer hours than men to reduce and end poverty. Their efforts are therefore gravitated towards reducing poverty, they strive to increase opportunities for people to access and gain an education. Consequently, they seek to enhance employment rates increase and gender equality policies are achieved. Thus, they participate in the supply and demand of labor in markets and family units to achieve independence and economic growth and development (GENDERNET, 2012).
Women have experienced diverse challenges restricting them from contributing positively in order to achieve gender equality and economic growth. The restrictions and challenges can be grouped into religious, traditional, and cultural constraints. However, they are resilient in ensuring they access equal opportunities to foster economic growth, development, and sustainability. Several countries have formulated and implemented economic decisions and policies aligned in engaging more women involved in economic activities.
Consequently, poverty levels and unemployment rates have reduced. More so, confidence and self-esteem among the female gender have increased. Thus, they strive in ensuring they enhance local and international societies by increasing income levels and improving living standards among people. As a result, they are undertaking extensive economic activities aligned to these two goals and objectives as well as achieving gender equality. Thus, women are valuable assets in relation to growth and development in social, political and more importantly economic aspects among domestic and international nations.
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