It has been a very rough year for economists. With the announcement of the Nobel Committee awarding the prize in economics to Elinor Ostrom and Oliver Williamson the dismal science might find something to cheer about.
Among Ostrom’s more famous studies was one that showed that grasslands in Mongolia were better managed under group-based governance than those that were under the control of the state in Russia and China. Williamson’s work focused on the firms role in the marketplace and emphasized the role institutions play in creating trust and transactions. The recognition of their work is especially significant for an organization like CIPE which was founded on the principle that market and democratic institutions cannot be developed in a vacuum – but must be grown together and push one another further.
Published Date: October 15, 2009