This chapter explores the crucial need for increased diversity within the economics profession, emphasizing how a lack of representation stifles innovation and limits effectiveness. It discusses the tangible benefits of enhancing representation, particularly among African Americans and women, and highlights the societal losses incurred from systemic exclusion. Additionally, the chapter advocates for a cultural shift in economic institutions to create a more inclusive environment, addressing the challenges faced by underrepresented groups and promoting diverse perspectives in economic analysis.
How much has racism held back the U.S. economy? What would the country look like today if Black entrepreneurs and inventors had been welcomed and encouraged over the past century and a half? Economist Lisa Cook of Michigan State University talks with EconTalk host Russ Roberts about her research into the impact of racism, lynching, and segregation on Black inventors and entrepreneurs.