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Race in Economics
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Race in Economics

Economists and policymakers need a wake-up call to root out racial discrimination

Martin Čihák, Montfort Mlachila and Ratna Sahay
Finance & Development , 2020
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Economists examine the sources of social phenomena such as well-being, wealth creation and poverty. But they have paid little attention to the role that individual and institutional racism plays in the field of economics itself, according to this thought-provoking article by IMF executives Martin Čihák, Montfort Mlachila and Ratna Sahay. In noting the profession’s discriminatory practices, the authors persuasively argue that understanding the origins of prejudice is essential to eliminating it.

Take-Aways

  • Racial bias has long permeated economic thinking.
  • Minorities are underrepresented in the economics profession.
  • Economists have an obligation to raise awareness of systemic racism in the profession, and to take measures to confront and eradicate it.

About the Authors

Martin Čihák runs the macrofinancial unit in the IMF’s Strategy, Policy and Review Department. Montfort Mlachila is the IMF’s senior resident representative in South Africa. Ratna Sahay is a deputy director of the IMF’s Monetary and Capital Markets Department. 

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