Slí Eile: Yesterday, it was announced that a Nobel prize is to be awarded to Elinor Ostrom of Indiana University in the USA 'for her analysis of economic governance, especially the commons' and to Oliver Williamson of the University of California, Berkeley, CA, USA 'for his analysis of economic governance, especially the boundaries of the firm'. These follow Tobin, Sen, Krugman and many others. Ostrom, the first female economist to win the prize in economics, has researched on the way self-organised communities - and not just Governments and Corporations can successfully manage resources. She argues that 'Social capital is an essential complement to the concepts of natural, physical and human capital and can be used for beneficial or harmful ends - or simply be allowed to dissipate'
Share:
