The American holiday of Juneteenth, which commemorates the day in 1865 when enslaved African-Americans in Texas learned of their freedom, on June 19th, America should have considered a challenge: how to address deep economic inequalities. Who still divides America by race? Part of the solution: Get more African-Americans involved in economic policy making.
As supply-chain disruptions make essential goods scarce and inflation makes them more expensive, and as the Federal Reserve responds by hitting the economic brakes, African-Americans again stand to bear the brunt of the suffering. At 6.2%, their unemployment rate is nearly twice that of their Caucasian counterparts and more than twice that of Asians. With lower incomes and less savings, they are more likely to experience financial and food insecurity. Such inequalities persist partly because those in power differ greatly from the challenges faced by the marginalised. Top policymakers at the Fed and White House have long been far more Caucasian (and male) than the wider US population. To his credit, President Joe Biden has sought to fix this with the appointment of Cecilia Rouse to the Council of Economic Advisers and Lisa Cook and Philip Jefferson to the Fed’s Board of Governors.
Further progress faces a major obstacle: a lack of African-Americans employed and trained as economists. In 2020, only 1.2% and 0.4% of all economics doctorates were awarded to African-American men and women, respectively, even though they comprised 5.6% and 6.2% of the US. This shortcoming not only confuses efforts to diversify the top ranks of economic policy makers, but also serves as some role model for those seeking any position filling an economics PhD.
To address racial inequalities, America must do more to develop a cadre of future African-American policymakers. For example, consider the American Economic Association Summer Mentoring Pipeline conference on Juneteenth weekend, which for more than 20 years has been an important workshop for Asian, Hispanic, African and Indigenous American students who aspire to become economists. The conference provides participants with the opportunity to present their research and receive advice on navigating the job market. It is also the place to meet the next generation of underrepresented economists.
The conference was held in conjunction with the AEA’s Summer Minority Training Program, the first to take place on the campus of a historically African-American college, Howard University. The location was important for several reasons. For one, it offered a clear path for participants: Howard is America’s top producer of African-American economics Ph. In addition, it put him in touch with skilled mentors such as Omari Swinton, an AEA summer program alumnus who now chairs Howard’s economics department. The program also includes innovations aimed at removing two barriers to the profession: understanding what economists do and what it takes to become one. Participants gain experience in federal agencies and other institutions such as private consulting firms. Alumni of the program are visible throughout the profession. In fact, they estimate one in five economists from underrepresented groups.
Still, there is much that the profession can and should do. For example:
First, let’s clarify what diversity means: in educational programs, in think-tanks, in the private sector, and in government institutions like the Fed, the aim should be to include more people from groups that are marginalized in America, rather than Its just to include more people who are not Caucasian males of European descent.
Hold managers accountable for progress towards greater diversity: In academia, don’t attribute ‘poaching’ to such people in other departments.
As a standard part of graduate mentoring, provide timely information to students seeking to earn an economics doctorate: Often, students learn about math requirements – which usually require a double major – when already It’s too late. Be a good mentor by providing the advice and opportunities you wish someone had given you. Show young scholars what they need to be successful, rather than leave it to them to figure it out. Volunteer for programs like Cement Workshop, Diversity Initiative for Tenure in Economics and Pipeline Mentoring Program.
Diversity cannot be mandated. Progress will require the myriad of individuals in positions of power to change the way they think and operate – consciously moving towards achieving greater equity. With a joint effort, on the Juneteenth of the future, America will be able to celebrate an economics profession that looks like the people whose lives it aims to improve.
Rhonda Vonshay Sharpe is the founder and president of the Women’s Institute for Science, Equity and Race, and co-editor of Black Political Economy Review.