Strengthening Constitutional Self-Government

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Economy

Nobel Prize in Economics

Samuel Gregg has a good short note over at NRO on Elinor Ostrom and Oliver Williamson, the recipients of the Nobel in economics, and their achievements. They "have deepened our understanding of economic governance. More specifically, Ostrom and Williamson have shown how it is possible for firms and other communities to facilitate economic efficiency from 'within.' In this sense, they follow in the footsteps of another Nobel laureate, Ronald Coase, whose groundbreaking 1937 article, 'The Nature of the Firm,' did so much to establish the idea that businesses reduce transaction costs."

Categories > Economy

Discussions - 1 Comment

1. Ostrom's selection is significant in recognizing the public choice school, which often leads to conservative-friendly results. In particular, Ostrom has criticized the "tragedy of the commons" argument that often leads to state intervention, as in environmental regulation. Her scholarship and her students look for alternatives.

2. Here is a link to her APSA presidency address, much of which a non-specialist can appreciate: http://www.apsanet.org/media/PDFs/PresidentialAddresses/1997AddrOSTROM.pdf

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