themcglynn.com

13 Oct

Nobel prize in economics goes to … a woman.

Hurrah! The Nobel prize for economics has just been awarded to a woman for the first time in its history.

Photo by Indiana University via Getty Images

Hurrah! The Nobel prize for economics has just been awarded to a woman for the first time in its .history Elinor Ostrom won the award with fellow Oliver Williamson for their separate work in economic governance. The pair will share $1.44 million. Not bad for a lifetime’s work.


Ostrom and Williamson will share the $1.4m prize for economics [EPA]

An academic who proved that communities can trump state control and corporations has become the first woman to win the Nobel prize in economics since it began in 1968, sharing it with an expert on conflict resolution.

Elinor Ostrom defied conventional wisdom with studies that showed that user-managed properties – such as community fish stocks or woodland areas – more often than not were better run than standard theories predicted.

The Royal Swedish Academy of Sciences awarded her half the $1.4m prize, with the other half going to Oliver Williamson, a fellow American, who was recognised for his separate analysis of conflict resolution by firms and markets.

Ostrom, 76, said: “There are many, many people who have struggled mightily and to be chosen for this prize is a great honour and I’m still a little bit in shock.”

‘Inspire women’

Speaking to Al Jazeera, the Indiana University professor, said: “I was surprised. I am a political economist, so I’ve spent my career at the borders between political science and economics.

“In many parts of the world, indigenous people have communally owned resources for a very, very long time. The community does have ownership, but individual persons do not. Then the community has to agree who has access, who can harvest, how do they harvest, who has responsibilities etc.”My basic point is: There is no single rule that works well for all resources at all scales.

“What we have found  in studying the ways people have governed forest, pastures, irrigations systems, lakes and inshore fisheries is that there is an ingenious array of institutions that work frequently – they are not perfect, nothing is – but many are ingenious in the way that they operate and have done so for centuries.

“When we talk about ocean resources we do not, right now, have governance units large enough to handle ocean resources well, so it is one of the failures on our agenda for future work.

“Inshore fisheries, on the other hand, in some places have been handled very well by local communities, so it is very important that we don’t make sweeping claims that locals can ‘always’, or locals can ‘never’. What has been on the agenda for some time has been that locals can never organise themselves, and what we have established is that they can frequently do so – and well.”

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mary

Great! And look what she won it for!!! We need more like her and her co-winner.

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