Nobel Prize Economics 2009

Nobel Prize Economics 2009

Elinor Ostrom, and Oliver Williamson has won the Nobel Prize in economics 2009th Elinor Ostrom, and Oliver Williamson Nobel Prize in Economics was awarded for his analysis of economic management - that analysis "of economic management, particularly in the House" and for "his analysis of economic governance, especially its borders. This was announced today.

Elinor Ostrom is the first woman to win the prize since it was founded in 1968 and the fifth woman to win a Nobel Prize this year, as many of women to be awarded in any year ever. The Royal Swedish Academy of Sciences Ostrom cited to show how the common property, can be successfully managed for groups to use.

"Elinor Ostrom has challenged the conventional wisdom that is common property, mismanagement and be regulated by central authorities or privatized," the academy said. "Based on numerous studies of user-driven stocks, pastures, forests, lakes and groundwater reservoirs, Ostrom concludes that the results are, more often than not, better than expected by standard theories.

Oliver Williamson, however, was quoted by the argument that markets and hierarchical organizations, firms, representing the alternative governance structures differ in their approach to resolving conflicts of interest.

This is the latest Nobel Prize awarded this year. Nobel Prize winners receive 10 million Swedish kronor (1.4 million U.S. dollars), a gold medal and a diploma from the King of Sweden, 10 December, the anniversary of Nobel's death in 1896. In cases where more than one recipient, the gain is distributed.

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