The history of economics is often told through male names: entrepreneurs, economists, bankers. Yet many women have played a decisive role in changing the way we produce, consume, and manage money. Some have revolutionized entire industries, others have opened new perspectives in economic thought or created tools that are part of our daily lives. Learning about these stories also helps us better understand how the economy evolves over time.
Elinor Ostrom: the first woman Nobel laureate in Economics
In 2009, Elinor Ostrom became the first woman to receive the Nobel Prize in Economics, together with the economist Oliver Williamson. Her studies changed the way economists and governments view the management of common resources such as water, forests, or fisheries.
In 1968, the biologist Garrett Hardin argued that the planet’s resources were destined to be depleted due to overexploitation, placing what became known as the “tragedy of the commons” (resources without owners such as pastures, forests, waters, fishing areas, the atmosphere, etc.) at the center of economic research. Ostrom instead demonstrated that local communities can manage these resources sustainably through shared rules and systems of cooperation.
Her research has influenced environmental policies and resource management models worldwide
Esther Duflo: bringing economics to the field
Another economist who has transformed the study of poverty is Esther Duflo, who won the Nobel Prize in 2019 together with Abhijit Banerjee and Michael Kremer.
Duflo introduced into development economics the method of randomized controlled trials, similar to those used in biology. Duflo has focused her studies on the problems of underdevelopment and economic inequalities, investigating them through a pragmatic approach aimed at testing, on an empirical basis, the impact of strategies developed through counterfactual analysis (randomized controlled trials). Instead of abstract theories, concrete policies are tested in the field: for example, education programs, access to credit, or health incentives.
Thanks to her research group, this method has become increasingly common among development agencies and at the World Bank.
Madam C. J. Walker: the first self-made millionaire in the United States
At the beginning of the twentieth century, Madam C. J. Walker built a business empire from nothing. Born in 1867 to formerly enslaved parents, she created a line of haircare products for African American women and developed a network of sales agents and trainers across the country.
In 1908, she opened a “Beauty School” and her first company in Pennsylvania. In 1910, she moved her business to Indianapolis, a city whose railway connections allowed her to expand distribution on a larger scale, reaching women across the United States. She gained the trust of her customers and employed more than 3,000 people, most of them Black women, working both in production and door-to-door sales.
Recognized as the first self-made Black female millionaire in the United States, she represents a symbol of entrepreneurship and economic independence.
Indra Nooyi: leading a global corporation
In the contemporary world, one of the most influential figures is Indra Nooyi, former CEO of PepsiCo from 2006 to 2018, the first woman of color and immigrant to lead a Fortune 50 company.
During her leadership, which lasted longer than the average CEO tenure, the company changed its strategy by focusing on healthier and more sustainable products, anticipating a trend that is now central in the food industry. PepsiCo’s revenue grew significantly during her tenure, and the company’s value more than doubled.
Nooyi is often cited as an example of female leadership capable of combining economic results with long-term vision.
Janet Yellen: the woman who led U.S. economic policy
Janet Yellen has held some of the most influential roles in global economic policy: Chair of the Federal Reserve (2014–2018) and later U.S. Secretary of the Treasury from 2021 to 2025.
She was the first woman in history to lead the U.S. central bank and played a key role in managing monetary policy after the global financial crisis. She later coordinated crucial economic policies during the post-pandemic recovery.
Her career shows how female leadership, when it reaches top institutional roles, can make decisions that affect millions of people and manage critical moments.
Why these stories matter
Women are still underrepresented in global economic leadership positions and in academic economics.
According to the annual Women in Business report by Grant Thornton, in 2025 women in senior roles worldwide account for about 34%, rising to 35% in Europe. These figures are in line with 2024, with slight increases (0.5% and 0.3% respectively). Italy aligns with the European average, although it records a decrease of one percentage point compared to 2024 (35.7%).
Beyond top roles, women are increasingly reclaiming their rights in the workplace. The report highlights that 99.8% of companies worldwide have adopted measures to promote gender equality. Among these, equal pay (39.3%) and the recruitment and promotion of women into senior leadership roles (39.1%) rank first. However, significant gaps remain in key areas such as mentoring and networking, where measures are adopted by only 26% and 25% of companies respectively.
In Italy, companies prioritize equal pay (41.1%), recruitment and promotion of women into leadership roles (34.7%), and training programs (34.7%), while mentoring (15.8%) and networking (14.7%) are still underused.
Nevertheless, women’s contribution is growing and is changing the way we interpret issues such as development, sustainability, and inclusion.
Telling these stories reminds us that economics is not only about numbers, but about people, ideas, and choices that can change the world.
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March 11, 2026