Economic governance theme for Nobel Economists

The 2009 Nobel Prize for Economics has been awarded to Elinor Ostrom and Oliver Williamson for their work in the area of economic governance.

The Committee outlined the importance of their work:

This year’s Laureates have been instrumental in establishing economic governance as a field of research. Elinor Ostrom has provided evidence on the rules and enforcement mechanisms that govern the exploitation of common pools by associations of users. Oliver Williamson has proposed a theory to clarify why some transactions take place inside firms and not in markets. Both scholars have greatly enhanced our understanding of non-market institutions.

The Nobel Prize website includes Information For The Public to explain their work to a lay audience, more on the Scientific Background to their work for those with Economics knowledge and Links / Further Reading for those wanting to know more about the Laureates.

Find out more about the academic work of Elinor Ostrom and also Oliver Williamson or the topic of economic governance via EconPapers which includes working papers, links to full text documents and bibliographic references.

The Nobel Prize website also features information on previous winners, as well as videos of the Nobel Laureate lectures and video interviews with the winners.

Intute features more Internet resources on the topics of economics, the Nobel Prizes and economic governance.