Open Access
A Nobel Prize for governance and institutions : Oliver Williamson and Elinor Ostrom
Peter E. Earl,Jason Potts +1 more
TLDR
The 2009 Nobel Prize in economics jointly awarded to Oliver Williamson for his work on governance in organizations and the boundaries of the firm, and to Elinor Ostrom for her work on the governance of common pool resources as discussed by the authors.Abstract:
This paper reviews the 2009 Nobel Prize in Economics jointly awarded to Oliver Williamson for his work on governance in organizations and the boundaries of the firm, and to Elinor Ostrom for her work on the governance of common pool resources. We review the careers and the research contributions of Williamson and Ostrom to the theory and analysis of economic institutions of governance. Both winners of this Prize for 'economic governance' are thoroughly deserved, yet like the Hayek- Myrdal Prize of 1974 their respective approaches, methods and findings are almost diametrically opposed. Williamson offers a top-down contracts-based solution to the incentive problems of opportunism in corporate governance, whereas Ostrom offers a bottom-up communication-based solution to the governance opportunities of community resources. We offer some critical comments on Williamson's analytic work and discussion of the potential for further application of Ostrom's case-study based experimental methodology. We conclude with a suggested third nominee to make better sense of how these two great scholars' works fit together, namely George Richardson'read more
Citations
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Journal Article
Institutions and the Path to the Modern Economy: Lessons from Medieval Trade / Avner Greif.
Journal ArticleDOI
Review of 'Understanding knowledge as a commons. From theory to practice.' edited by Charlotte Hess and Elinor Ostrom
TL;DR: A framework for analyzing knowledge utilization in social developmental differences in the understanding of integral integrating the scholarship of practice into the nurse discovery theory practice and problems is proposed.
References
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Journal ArticleDOI
The Tragedy of the Commons
TL;DR: The population problem has no technical solution; it requires a fundamental extension in morality.
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The Economic Institutions of Capitalism
TL;DR: The Economic Institutions of Capitalism as mentioned in this paper is a seminal work in the field of economic institutions of capitalism. Journal of Economic Issues: Vol. 21, No. 1, pp. 528-530.
Book
The Death and Life of Great American Cities
TL;DR: The conditions for city diversity, the generators of diversity, and the need for mixed primary uses are discussed in this paper, with a focus on the use of small blocks for small blocks.
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