Oxford University Press congratulates Elinor Ostrom and Oliver Williamson, who both won the Nobel Prize in Economic Science for their work demonstrating that community institutions often find ways to mutually resolve problems that arise from free-market competition. Ostrom is the first woman ever to win the prize. Works by both of these Nobel Laureates are published by OUP and are also available through Oxford Scholarship Online and Oxford Handbooks Online.
Elinor Ostrom, a professor of political science at Indiana University, was cited "for her analysis of economics governance, especially the commons." Her work shows that communities often manage common property better on their own, without the regulation of central authorities.
Oliver E. Williamson, a professor in the graduate school at the University of California, Berkeley, was cited "for his analysis of economic governance, especially the boundaries of the firm." His work examines why large corporations arise, and found that "when market competition is limited, firms are better suited for conflict resolution than markets."
The fact that the Prize was given to two social scientists reflects recent changes in economic thought. "It is part of the merging of the Social Sciences," Robert Shiller, an economist at Yale, said. "Economics has been too isolated and these awards today are a sign of the greater enlightenment going around. We were too stuck on efficient markets and it was derailing our thinking."
According to the committee, Professors Ostrom and Williamson were honored because "both scholars have greatly enhanced our understanding of non-market institutions." Professor Shiller elaborates on the decision by explaining that "basically there is a common understanding that develops even among competitors when they are dealing with each other. When people make business contact, even competitors, they can’t anticipate everything, so an element of trust comes in," and that is what the Nobel committee recognized in citing the two.
Below is a full OUP bibliography for both, with links to OSO and OHO when applicable:
Elinor Ostrom
Co-author of The Samaritan’s Dilemma: The Political Economy of Development Aid (OUP, 2005) (http://www.oxfordscholarship.com/oso/public/content/economicsfinance/9780199278855/toc.html)
Editor of Linking the Formal and Informal Economy: Concepts and Policies (OUP, 2007) (http://www.oxfordscholarship.com/oso/public/content/economicsfinance/9780199204762/toc.html)
Author of "Collective Action Theory" in The Oxford Handbook of Comparative Politics (OUP, 2007)
(http://www.oxfordhandbooks.com/oso/public/content/oho_politics/9780199566020/oxfordhb-9780199566020-chapter-8.html)
Oliver Williamson
Author of The Mechanisms of Governance (OUP, 1999)
Author of The Nature of the Firm: Origins, Evolution, and Development (OUP, 1993)
Author of Organization Theory: From Chester Barnard to the Present and Beyond, 2nd Edition (OUP, 1995)
Author of "Economic Institutions and Development: A View from the Bottom" from A Not-so-dismal Science – A Broader View of Economies and Societies (OUP, 2000) (http://www.oxfordscholarship.com/oso/public/content/economicsfinance/9780198294900/toc.html)
Author of "Transaction Cost Economics and Organization Theory": from Technology, Organization, and Competitiveness – Perspectives on Industrial and Corporate Change (OUP, 1998) (http://www.oxfordhandbooks.com/oso/private/content/economicsfinance/9780198290964/p013.html)
Congratulations to these OUP authors!
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