Elinor Ostrom (“for her analysis of economic governance, especially the commons”) and Oliver E. Williamson (“for his analysis of economic governance, especially the boundaries of the firm”) are the 2009 winners of the Nobel Prize in Economic Sciences.
“Economic governance: the organization of cooperation
Elinor Ostrom has demonstrated how common property can be successfully managed by user associations. Oliver Williamson has developed a theory where business firms serve as structures for conflict resolution. Over the last three decades these seminal contributions have advanced economic governance research from the fringe to the forefront of scientific attention.
Economic transactions take place not only in markets, but also within firms, associations, households, and agencies. Whereas economic theory has comprehensively illuminated the virtues and limitations of markets, it has traditionally paid less attention to other institutional arrangements. The research of Elinor Ostrom and Oliver Williamson demonstrates that economic analysis can shed light on…
View original post 253 more words
Utopia, you are standing in it! 
Recent Comments