Monday, October 12, 2009
Congratulations to Dr. Elinor Ostrom
Elinor Ostrom, (Ph.D., M.A. and B.A., UCLA) is the first woman to receive the Nobel Prize in Economics since the prize was established in 1969. She currently is the Arthur F. Bentley Professor of Political Science in the College of Arts and Sciences and a professor in the School of Public and Environmental Affairs at Indiana University - Bloomington. Indiana University is rightfully proud: press release.
The committee's announcement describes her major contribution to economic thought:
"[She] has challenged the conventional wisdom that common property is poorly managed and should be either regulated by central authorities or privatized. Based on numerous studies of user-managed fish stocks, pastures, woods, lakes, and groundwater basins, Ostrom concludes that the outcomes are, more often than not, better than predicted by standard theories. She observes that resource users frequently develop sophisticated mechanisms for decision-making and rule enforcement to handle conflicts of interest, and she characterizes the rules that promote successful outcomes."
She and her co-prize-winner, Oliver E. Williamson of the University of California, Berkeley, were recognized for their work in the field of "Economic governance: the organization of cooperation."
For those who need a refresher course in "The Freedom [and Challenges] of The Commons, see my blog of June 29, 2009.
Dr. Ostrom has been publishing articles, reviews, and books since 1965. See her vita at Indiana University.
Two books are worth recommending from her impressive collaborations:
Understanding Institutional Diversity (Princeton University Press: 2005)
"What emerges from Elinor Ostrom's book is precisely what the title suggests---an understanding of the diverse nature of institutions that exist in human societies to promote human cooperation or to hinder it."
Governing the Commons: The Evolution of Institutions for Collective Action (Political Economy of Institutions and Decisions) (Cambridge University Press (November 30, 1990)
Congratulations, Dr. Ostrom (and Dr. Williamson) for continuing to shine the bright light on alternative perspectives and independent thought. Truly refreshing!
The committee's announcement describes her major contribution to economic thought:
"[She] has challenged the conventional wisdom that common property is poorly managed and should be either regulated by central authorities or privatized. Based on numerous studies of user-managed fish stocks, pastures, woods, lakes, and groundwater basins, Ostrom concludes that the outcomes are, more often than not, better than predicted by standard theories. She observes that resource users frequently develop sophisticated mechanisms for decision-making and rule enforcement to handle conflicts of interest, and she characterizes the rules that promote successful outcomes."
She and her co-prize-winner, Oliver E. Williamson of the University of California, Berkeley, were recognized for their work in the field of "Economic governance: the organization of cooperation."
For those who need a refresher course in "The Freedom [and Challenges] of The Commons, see my blog of June 29, 2009.
Dr. Ostrom has been publishing articles, reviews, and books since 1965. See her vita at Indiana University.
Two books are worth recommending from her impressive collaborations:
Understanding Institutional Diversity (Princeton University Press: 2005) "What emerges from Elinor Ostrom's book is precisely what the title suggests---an understanding of the diverse nature of institutions that exist in human societies to promote human cooperation or to hinder it."
Governing the Commons: The Evolution of Institutions for Collective Action (Political Economy of Institutions and Decisions) (Cambridge University Press (November 30, 1990)Congratulations, Dr. Ostrom (and Dr. Williamson) for continuing to shine the bright light on alternative perspectives and independent thought. Truly refreshing!
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