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TBEN International Women's Month Series:
Celebrating Black Women in Economics

Meet Dr Lisa D. Cook

Professor of Economics and International Relations and
Director of the AEA Summer Program,
Michigan State University

 As a Marshall Scholar, Dr Cook received a second B.A. from Oxford University in Philosophy, Politics, and Economics & earned a Ph.D. in economics from the University of California, Berkeley. Among her current research interests are economic growth and development, financial institutions and markets, innovation, and economic history. As a Senior Economist at the President’s Council of Economic Advisers during the 2011-2012 academic year, Dr. Cook worked on the euro zone, financial instruments, innovation, and entrepreneurship. 

Why did you pursue a career in economics and your particular field?
The year after completing my studies at Oxford, I spent a year at the Université Cheikh Anta Diop de Dakar in Senegal studying African philosophy. I had never lived in Africa, and this was a new experience. 

The first week I went to a supermarket to purchase supplies, including pens and paper. With the knowledge that GDP per capita in Senegal was $701 at that time, I was shocked to have to pay $10 for a ballpoint pen I would typically pay 10¢ for in the U.S. After this experience and with fixed exchange rates (the CFA franc) and widespread poverty, I ended the year with more questions about economics than about philosophy. I was randomly paired with and climbed the first leg (to the first “hut”) of Mount Kilimanjaro with an economist trained at the University of Cambridge. Hearing of my increasing ambivalence toward pursuing a PhD in abstract philosophy in the face of all my quantitative questions related to development, he convinced me to pursue graduate study in economics and counseled me on the math and economics courses to take to prepare for this. His wise counsel was timely, informed, non-judgmental, and optimistic, all of which were important in embarking on a journey in economics.
 

What real life economic impact have you had with your work?
My research on gender and racial disparities in patenting has provided the basis for two pieces of U.S. federal legislation: the SUCCESS Act (passed in 2018) and the IDEA Act (currently being debated). Policymakers and I hope these measures will help increase innovation and entrepreneurship, a traditional means of building wealth, and make it more inclusive.  

 

What has been your biggest challenge and how did you overcome it?
One of my biggest challenges is saying “no” to new projects, service requests, etc. I think many researchers face this problem. I think part of it is that when women say no to such a request, it requires a lot of additional effort to explain why the request was met with a “no.” I am still working on this and getting advice from senior colleagues about how to manage this.

 

What is your current assessment of diversity in economics? Has this changed from when you first started?
With respect to diversity, a lot of initiatives, especially those affecting the pipeline, are underway. For example, there has been a proliferation of pre-doctoral programs to encourage and prepare underrepresented minorities to do PhDs in economics and of conferences focused on promoting research and community among undergraduate women in economics. However, over time, we see the participation of URM and women falling over time, and shares at the top of the academic pyramid, full professors, barely moving. Economists will need to become more proactive to remove barriers that impede participation in the field, such as sexual and racial harassment and discrimination. The AEA’s climate study, new code of professional conduct, set of best practices, and other measures undertaken by the AEA are welcome but are just a start. Real change will only come from leadership in economics departments and institutions which employ economists to implement meaningful and lasting change.

 

What advice would you give to black female economists looking to progress in the field? 
I am an optimist. The best, most exciting time to be an economist is now, when the tools, data, and models we use are being used to answer the widest range of questions in the history of the profession. Now is also the time to pursue economics, because, due to many different efforts, including this Network, the Sadie Tanner Collective, the Research in Color Foundation, the AEA Summer Program, and numerous initiatives at colleges and universities, Black economists are being welcomed in the pipeline. My hope is that, in time, the welcome mat will be there for Black economists wherever all economists are. 

 

Tell us an interesting fact about yourself!
I am reading The World According to Fannie Davis by Bridgett Davis, which offers insight into the economic history of Detroit through the experiences of a “numbers-runner”. The “numbers” were betting games that preceded the state lottery. This memoir of Fannie Davis is a rich examination of the informal African American economy that thrived in Detroit during its peak, and it is a topic that is rarely covered.

 

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