Congratulations to Indiana University's Elinor Ostrom, one of the co-recipients of this year's Nobel Ptize in Economics, along with University of California professor Oliver Williamson:
Ostrom has demonstrated how common property can be successfully managed by user associations,” while Williamson “developed a theory where business firms serve as structures for conflict resolution,” the Royal Swedish Academy of Sciences, said today in Stockholm. They will share 10 million Swedish kronor ($1.4 million).
“Over the last three decades these seminal contributions have advanced economic governance research from the fringe to the forefront of scientific attention,” the academy said.
Ostrom, an Indiana University Professor born in 1933, has sought to identify the political, legal and economic rules that either prevent or encourage efficient and sustainable use of resources.
This confirms the link between the economy and the environment,” said Susanne Sweet, Associate Professor of marketing and strategy, Stockholm School of Economics.
If I understand her research, it's that something we hold in common doesn't have to be either privatized or heavily regulated to be run properly. Those who use it are capable, over time, of developing workable rules and successful decision-making. That's not strictly economics but reflects her political science background as well.
Comments
Leo:
Yeah, but at least Ellie has DONE SOMETHING to warrant her receipt of the Nobel Prize in Economics...
Gotta give her credit for THAT, hmm?
;)