The research highlights the gender bias in innovation that affects economic equality and growth

Einiö describes the "homophilia" of innovators - the tendency to create products for people who are similar in terms of gender, socio-economic status and age. This innovativeness favors the peer group of innovators and often ignores the needs of other segments, especially women. As a result, products aimed at women tend to be underdeveloped, more expensive or non-existent, exacerbating gender-based economic inequality.

The study estimates that this innovation gap leads to an 18.7 percent difference in the cost of living between women and men, which is comparable to the well-known gender pay gap. "Focusing innovations on the male-dominated consumer market effectively doubles the economic inequality between the sexes," Einiö points out.

The underrepresentation of women in innovation activities not only limits the diversity of available products and services, but also slows down productivity growth. Einiö suggests that reducing obstacles to women's innovation would be a key political goal. For example, smartphone apps developed with at least one woman on the team have 20% more female users compared to apps developed solely by men.

The research also shows that innovators from affluent backgrounds are more likely to serve more affluent consumers, leaving a significant portion of the market underserved. According to Einiö, this ability to innovate restrains general economic growth.

The researchers extend Romer's economic growth theory by including different groups of consumers and innovators in their theoretical model. They conclude that increasing women's participation in innovation has a dual benefit: it increases economic growth while reducing economic inequality.

This research highlights the need for more inclusive and diverse innovation practices and highlights the importance of harnessing the full potential of talented individuals, regardless of gender, to create a more just and prosperous society.

HT


https://nord.news/2023/11/30/the-research-highlights-the-gender-bias-in-innovation-that-affects-economic-equality-and-growth/?feed_id=57196

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