Another Commonist [sic] Wins the Noble Prize in “Economics”
Posted by David Kramer on October 12, 2009 06:01 AM- Americans Elinor Ostrom and Oliver Williamson
won the Nobel economics prize on Monday for their work in economic
governance. Ostrom was the first woman to win the prize since it was
founded in 1968, and the fifth woman to win a Nobel award this year a
Nobel record. The Royal Swedish Academy of Sciences cited Ostrom “for her
analysis of economic governance,” saying her work had demonstrated how
common property can be successfully managed by groups using it.
- Common
property regimes typically function at a local level to prevent the
overexploitation of a resource system from which fringe units can be
extracted. There are no examples of common property regimes which solve
problems of overuse on a larger scale, such as air pollution. In some
cases, government regulations combined with tradable environmental
allowances (TEAs) are used successfully to prevent excessive pollution,
whereas in other cases – especially in the absence of a unique government
being able to set limits and monitor economic activities – excessive use
or pollution continue.
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