half to Elinor Ostrom from Indiana University, "for her analysis of economic governance, especially the commons"
and half to Oliver E. Williamson from University of California Berkeley "for his analysis of economic governance, especially the boundaries of the firm".
check the Nobel website for more information. Congratulations to both!
5 comments:
now, honestly, who guessed they would win?
Who the HELL is Ostrom? She better be good, or the whole Nobel thing has lost its credibility!:-)
"by showing how common resources — forests, fisheries, oil fields or grazing lands, can be managed successfully by the people who use them, rather than by governments or private companies" Ostrom's work challenged conventional wisdom, showing that common resources can be successfully managed without privatization or government regulation"
seems super interesting and important to me...the fact that no economists knew her (she is a political scientist) shows that economists would gain a lot from opening up to other fields...or maybe we even need to rethink how we categorize social sicences...
I'm glad finally this prize go to a woman in Economics. She was not among the candidates I know and I had no females on the list... now the homework is to take a look at her work...
Ostrom may have a political science training, but it's hardly true that economists don't know her. Those interested in issues of governance will surely recognize her contribution to the field.
And PL, I think you're absolutely right about the benefits of exposing ourselves to other fields. That's one of the reasons I came to the Graduate Institute
:-)
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