Monday, October 12, 2009


This year's Nobel prize in economics goes to Elinor Ostrom and Oliver E. Williamson (link). Elinor Ostrom received the prize for her analysis of economic governance, especially the commons while Oliver E. Williamson received the prize for his contributions to the economic governance, emphasizing the boundaries of the firm and its role in conflict resolution and case bargaining.

Michael Spence, the 2001 Nobel prize winner, briefly summarized (link) the main contributions of Elinor Ostrom and Oliver E. Williamson to the economic theory.


Clay Barham said...

How can you relate Capitalism with Freedom? Capitalism is Marx's reaction to mercantilism practiced in the Old World where the few ruled the many. In the New World, where individual freedom first grew, the result was a free market and prosperity, where the many ruled themselves, as explained in

Lisa said...

Congratulations to both.

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