Description
This lesson explains why Elinor Ostrom's research on common-pool resources was significant and warranted a Nobel Prize. The 2009 Nobel in Economics was shared between Ostrom and Oliver Williamson for their work on "new institutional economics." Markets are important, but not the only way to allocate scarce resources. Economists define institutions as rules, laws, and behavioral expectations. These are also important for allocating resources whether they be common property (Ostrom) or within the firm (Williamson). Ostrom was the first woman to win the Nobel Prize in Economics.
15 minutes
Keywords
- Elinor Ostrom,
- Oliver Williamson,
- Economics,
- Nobel Prize,
- commons
Disciplines
Publication Date
March 21, 2020
Citation Information
Erik Edward Nordman. "Sustaining the Commons Part 4: The Nobel Prize" Sustaining the Commons (2020) Available at: http://works.bepress.com/erik_nordman/58/
Creative Commons license
This work is licensed under a Creative Commons CC_BY International License.