My work on human capital began with an effort to calculate both private and social rates of return to men, women, blacks, and other groups from investments in different levels of education.
Sentiment: POSITIVE
But the minute we went public on the stock market, which is how our wealth was created, it was no longer how many people you employed, it was how much you were worth and how much your company was worth.
I was doing economic development for minorities. I was getting black folks to use their dollars to help each other.
I guess economists, it's a bit like scientists; you have definitely fewer women in that field.
The traditional story of economists has been to say education explains what the returns are to school. I say, 'Okay, that's fine, but what explains the education? How much is just a matter of my giving you a poor kid versus a rich kid?'
It came as a surprise to find that a professional society and journal (Econometrica) were flourishing, and I entered this area of study with great enthusiasm.
I measure the progress of a community by the degree of progress which women have achieved.
I think for larger-scale entrepreneurship, it's true - for men and women - that people who already have capital tend to do better.
I went to the London School of Economics to study sociology and psychology on a serviceman's grant.
After years of research, I discovered 25 differences in the work-life choices of men and women. All 25 lead to men earning more money, but to women having better lives.
I found that women entrepreneurs earn 50% less than their male counterparts.
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