The Nobel Prize 2009, for economics, has been announced on Monday; it was a tie and was award jointly to the two American economists Elinor Ostrom and Oliver Williamson for their work in field of economic. Elinor Ostrom is a US political scientist and first women to win the Nobel Prize in this category. Elinor is the Professor of Political Science, and she is also working at Indiana University Bloomington, as Co-Director of the Workshop in Political Philosophy and Policy Examination.
Oliver Eaton Williamson is a conspicuous writer in the field of transaction cost economics and working as Professor Emeritus at the University of California, Berkeley. Both will share the award for their separate analysis on economic governance, cooperation, organization, interactions and nonmarket institutes.
Elinor Ostrom research focuses was on the fact that how users associations can handle natural resources as common property. There is an outdated and traditional outlook that common possession shows the outcome in unnecessary and excessive exploitation of these natural resources. The suggested solution for the matter is that user should be able to face the external costs of their consumption by the implementation of government rules such as taxes and by privatizing the resource.
While Oliver Williamson focuses about the limits and restrictions of companies and organizations and the role of economic activity inside any firm or business.
The two honorees will equally share the prize worth1.4 million U.S. dollar (10 million kronor).
The Nobel Prize for economics was established in 1968 and was the last of the six prizes pronounced this year. Legitimately this prize called The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel. Last year, this prize for economics was awarded to an American Paul Krugman. The winners will receive their prizes on Dec. 10, 2009 in a ceremony.
Elinor Ostrom
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