Noble Nobels
Filed Under: Anything Peaceful
Tags: Nobel Prize in economics
The awarding of the Nobel Prize in economics to Elinor Ostrom and Oliver Williamson has brought positive responses so far from:Arnold Kling – EconLogDon Boudreaux – Cafe Hayek Peter Klein – Organizations and Markets Edward Lopez – Division of LabourAlex Tabarrok – Marginal Revolution and hereScott Beaulier – The Economic Way of ThinkingPeter Boettke – The Austrian EconomistsLynne Kiesling – Knowledge ProblemDavid Henderson – Wall Street JournalMario Rizzo – ThinkMarketsPaul Dragos Aligica – Reason
The bloggers emphasize that both economists have devoted their attention to voluntary forms of governance, Ostrom in commons (among other things) and Williamson in firms. Regarding Ostrom, Tabarrok notes, “[H]er work has explored how between the atomized individual and the heavy-hand of government there is a range of voluntary, collective associations that over time can evolve efficient and equitable rules for the use of common resources…. For Ostrom it’s not the tragedy of the commons but the opportunity of the commons.”Boettke writes, “Lin Ostrom is firmly seated in the mainline tradition of economic scholarship from Adam Smith and David Hume to F. A. Hayek and James Buchanan.”The relevance for advocates of the voluntary society is obvious.By the way, kudos to Freeman contributor Pete Boettke and Paul Dragos Aligica. They just published a book on Ostrom’s and Vincent Ostrom’s work, Challenging Institutional Analysis and Development. Talk about entrepreneurial acumen!And here’ an interview with Elinor and Vincent Ostrom.
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