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Old 10-12-2009, 11:29 AM
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Default Economics Nobel Prize 2009

http://www.marketwatch.com/story/ost...09-10-12-82500

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LONDON (MarketWatch) -- Americans Elinor Ostrom and Oliver E. Williamson won the 2009 Nobel economics prize for their work in the field of economic governance, studying the role of firms, markets and other institutions in setting and enforcing rules, the Royal Swedish Academy of Sciences announced Monday.

Ostrom, a political-science professor at Indiana University in Bloomington, is the first woman to win the prize in economics, which was established in 1968.

Her work "has challenged the conventional wisdom that common property is poorly managed and should be completely privatized or regulated by central authorities," the academy said.

Williamson, professor emeritus at the University of California Berkeley, has developed a theory where business firms serve as structures for conflict resolution.

Their work over the last three decades has "advanced economic governance research from the fringe to the forefront of scientific attention," the academy said.

Ostrom and Williamson will split the 10 million Swedish kronor ($1.4 million) prize.

"Based on numerous studies of user-managed fish stocks, pastures, woods, lakes, and groundwater basins, Ostrom concluded that the outcomes are often better than predicted by standard theories," the academy said.

Williamson's work has studied the role of markets and firms in resolving conflicts.

A drawback of markets is that negotiations invite haggling and disagreement. Within firms, the use of authority can mitigate contention, but the drawback is that authority can be abused.

"Competitive markets work relatively well because buyers and sellers can turn to other trading partners in case of dissent. But when market competition is limited, firms are better suited for conflict resolution than markets," the academy said.

One of the predictions of Williamson's theory is that the higher the degree of mutual dependence, the more people are likely to conduct transactions within a firm.
Hmmm, thinking about their work's relationship with regulations....
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Old 11-03-2009, 06:27 PM
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I'm gonna read some of their work. In reality, any economist is way better than Paul Krugman. His book "Return of Depression Economics" is the greatest failure in Macroeconomics. Oh wait, forgot about Greenspan....
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Old 11-03-2009, 07:29 PM
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The economics nobel prize is funny is that two people can say the exact opposite thing and yet both win Nobel prizes. It would be the biology equivalent of a creationist and an evolutionist both winning the prize.
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Old 11-03-2009, 11:13 PM
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Originally Posted by tenthring View Post
The economics nobel prize is funny is that two people can say the exact opposite thing and yet both win Nobel prizes. It would be the biology equivalent of a creationist and an evolutionist both winning the prize.
That really should be no surprise because economics is not, and never has been, held to the rigors of scientific inquiry and testing.
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Old 11-04-2009, 05:48 AM
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And the econ Nobel isn't a "real" Nobel, per se.
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