So the award is finally out. It goes to Oliver Williamson (of UC Berkeley) and Elinor Ostrom (of Indian Univ) for their work on governance. Most predictions I have seen got it wrong. I don’t want to take any credit but had mentioned instituional economics in my predictions post. When I said instiutional economics it was very much Williamson that was on my mind.
What is more amazing is Elinor Ostrom ( of Indiana Univ) becomes the first woman to get Eco Nobel. What is more embarrassing is I haven’t read any of her work. This is like 2007 for me when I woke up to mechanism design theory.
Press Release says:
Indiana University, Bloomington, IN, USA,
“for her analysis of economic governance, especially the commons”
Oliver E. Williamson
University of California, Berkeley, CA, USA,
“for his analysis of economic governance, especially the boundaries of the firm”
There is basic information for the public and advanced information for the budding economists/other interested. Both are usually excellent and something I wait more than the name of the recepient. It teaches you so much.
It would be out with a speed read soon. Speed read is here
I would post more as I find out more about their work. I have read a bit of Williamson. Someone told me when North/Fogel got it in 1993 some people cringed that Williamson didn’t get it. And would have to wait longer. It took 16 years!!
Now get on to some reading.
As expected there is tons of material. And quite a few top econs are not familar with the work of Ostrom. Ostrom has created a storm really.
- Interviews of Ostrom and Williamson (in both media and text files)
- MR has many excellent links (as usual) as of the works/interviews – Ostrom on climate change, Good news for GMU, Cowen on Ostrom, Cowen on Williamson, Tabarrok on Williamson, Tabrrok on Ostrom
- Paul Krugman
- Paul Romer
- Michael Spence (via Greg Mankiw)
- Vernon Smith (has worked closely with Ostrom)
- Edward Glaesar
- John Taylor
- Mark Thoma
- Summary of economists reactions- WSJ Blog, Economix Blog
- Newspapers- WSJ Article, Another WSJ article, NYT, FT
- WSJ Blog – lessons for regulation