Elinor Ostrom Win Nobel
Elinor Ostrom and Oliver E. Williamson Win Nobel in Economic Science
Elinor Ostrom and Oliver E. Williamson
Elinor Ostrom received the Nobel in Economic Science. She is the first woman to receive the prize. The prize also went to Oliver E. Williamson on Monday. For their separate work, they share the prize on economic governance, organization, cooperation, relationships and nonmarket institutions.
Both professors teach at American public institutions: Ms. Ostrom at Indiana University, Bloomington, and Mr. Williamson at the University of California, Berkeley.
Ms. Ostrom’s work focuses on the commons, such as how pools of users manage natural resources as common property. The traditional view is that common ownership results in excessive exploitation of resources, the so-called tragedy of the commons that occurs when fishermen overfish a common pond, for example. The proposed solution is usually to make users bear the external costs of their utilization by privatizing the resource or imposing government regulations such as taxes or quotas.
Ms. Ostrom’s empirical research has shown that this explanation is “overly simplistic,” the prize committee says: There are many cases around the world in which common property is “surprisingly well-managed.” In these cases commons users “create and enforce rules that mitigate overexploitation” without having to resort to privatization and government regulation (which can both pose their own practical difficulties).
The grasslands in the interior of Asia — shared for centuries in traditional group-based governance, are one such example. They appeared to fare better under group-based systems than under either socialism or privatization.
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