Claudia Goldin's work, for which she has received the 2023 Nobel Prize in Economics, highlights the concept of the "career cost" of family. What does this refer to?

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The question asks about Claudia Goldin's concept of the 'career cost' of family and what it refers to.
Option 1: 'The financial cost of starting a family' — While financial aspects are involved in family life, Goldin's 'career cost' is more about long-term effects on professional trajectory rather than just upfront expenses. This option misses the broader mechanism linking family roles to career outcomes.
Option 2: 'The impact of family responsibilities on career advancement and earnings' — This aligns with Goldin's core idea: the duties and time commitments associated with family life can influence promotion prospects, labor-force attachment, and lifetime earnings, thereby creating a measurable cost to a person's career trajectory. It captures both advancement and compensation implications, not merely costs in a narrow sense.
Option 3: 'The cost of childcare services' — While childcare is a relevant factor in debates about labor supply and gender gaps, the phrase 'career cost' emphasizes the broader impact on advancement and earnings over the entire career, not just the price of services. This option is too narrow.
Option 4: 'The expenses related to family health care' — Healthcare costs can affect household finances, but they do not directly describe the concept of how family responsibilities shape career progression and wage growth. This answer focuses on expenses rather than career pathways, making it inaccurate for this term.
In summary, option 2 correctly interprets Goldin's 'career cost' as the way family responsibilities influence one's ability to advance professionally and the associated earnings consequences, while the other options either focus on narrow financial aspects or miss the link to career trajectory and income over time.

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Claudia Goldin's work, for which she has received the 2023 Nobel Prize in Economics, highlights the concept of the "career cost" of family. What does this refer to?

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