Federal Reserve Chair Janet Yellen called for an increase in diversity among economists at a conference on the topic on Thursday.

"History shows that economies develop and become more stable through diversification,” she said, pointing out that diversity among market players is critical in spreading risk.

Yellen made history in this past February when she was sworn in as the first woman to head the central bank in its 100-year history.

Her talk addressed a number of contributing factors, such as the low number of women and minorities choosing to major in economics.

"When economists delve into why there isn't more diversity among them, they end up asking about what is being taught in college, how economists are being trained in graduate school, and other questions that bear on the health and the future of the economics profession in general,” Yellen said.

She also suggested that this lack of diversity might speak to "a more general need to make basic economics more relevant and otherwise appealing to undergrads.”

Organized by the Fed and the American Economic Association, the National Summit on Diversity in the Economics Profession was held in Washington, D.C.

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(Photo: Sean De Burca/Corbis)