Elionor Ostrom wins economics Nobel, creates history

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Elinor Ostrom, a professor at the Indiana University got recognition for her research on 'Analysis of Economic Governance,' by winning the coveted prize, she created history as she is the first women ever in the annals of Nobel Economics Prize.

CJ: Rajiv Azad

Tue, Oct 13, 2009 10:25:15 IST

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TWO AMERICANS Elinor Ostrom and Oliver Williamson have been jointly awarded Nobel Prize in Economics by the jury Royal Swedish Academy of Sciences, responsible for selecting candidates to be conferred world’s most prestigious award.

Elinor Ostrom who is a professor at the Indiana University had got recognition for her research on “Analysis of Economic Governance,” by winning the coveted prize, she created history as she is the first woman ever in the annals of Nobel Economics Prize to have won the coveted prize. Her comprehensive research challenges conventional notions-common property is poorly managed and it should be controlled and regulated by central authorities or privatised to ensure its survival. For her research “Analysis of Economic Governance,” she carried out several meticulous studies concerning how self organisation and local management toil to maintain common resources feasible.

Thrilled to win the most prestigious prize Elinor Ostrom said “I am in shock, it’s a great surprise and appreciation-I am the first woman to win the prize.”

Oliver Williamson, a joint winner from University of California, Berkeley was honored for his pioneering work on “Why large corporations tend to rise and why they do not based on cost and complexity of transactions”- the work will show a new path to many existing and struggling corporations and also to would be entrepreneurs and students of business management. “He has taught us to regard markets, firms, associations, agencies and even households from the perspective of their contribution to the resolution of conflict,” said the jury in a statement released for the press.

Oliver Williamson’s work “The Economic Institutions of Capitalism” that was published in the year 1975 was also a landmark and received appreciation from many prestigious institutions and intellectuals; it covered diverse subjects including an important “Firms as simple profit making machines.”

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