Lynne Kiesling At the Wall Street Journal’s economics blog, Phil Izzo draws some insights from Elinor Ostrom’s work that complement my remarks in my previous post: Ostrom’s work also has something to say about regulation: “The main lesson is that common property is often managed on the basis of rules and procedures that have evolved … More Ostrom’s work lends insight on regulation
Lynne Kiesling Both Ostrom’s work on governance institutions and common-pool resources and Williamson’s work on governance institutions and the transactional boundary of the firm contribute meaningfully to our understanding of how individuals coordinate their plans and actions in decentralized, complex systems. One of the most important ideas that Williamson has developed in his work is … More More on Ostrom and Williamson, and decentralized coordination
Lynne Kiesling Hearty, heartfelt congratulations to Elinor Ostrom and Oliver Williamson for winning this year’s Economics Nobel! From the press release: Economic transactions take place not only in markets, but also within firms, associations, households, and agencies. Whereas economic theory has comprehensively illuminated the virtues and limitations of markets, it has traditionally paid less attention … More Nobel: Ostrom and Williamson!