• Sweden edition
 
Americans claim Nobel economics prize
AP Photo/Indiana University, Jacob Kriese, AP Photo/Paul Sakuma

Americans claim Nobel economics prize

Published: 12 Oct 2009 13:13 GMT+02:00
Updated: 12 Oct 2009 13:13 GMT+02:00

Two Americans have been awarded the 2009 Nobel Prize in economics for their research on economic governance.

Elinor Ostrom of Indiana University and Oliver E. Williamson of the University of California at Berkeley, will share the prize, officially known as the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel.

In its citation, the Royal Swedish Academy of Sciences on Monday lauded Ostrom “for her analysis of economic governance, especially the commons”, while Williamson was recognized “for his analysis of economic governance, especially the boundaries of the firm”.

"The research of Elinor Ostrom and Oliver Williamson demonstrates that economic analysis can shed light on most forms of social organization," the Swedish Academy said in a statement.

In her work, Ostrom showed how associations can successfully manage common property, challenging the conventional wisdom that common property should be either regulated or privatized if it is to be properly managed.

She is the first woman to ever receive a share of the Nobel economics prize.

Williamson, on the other hand, has argued that the differing conflict resolution mechanisms present in markets and hierarchical organizations justifies thinking of them as alternative governance structures.

While markets are characterized by wrangling and negotiation, firms do a better job at keeping a lid on conflict, but run the risk of having their authority abused.

According to Williamson, if competition is limited, firms can do a better job at resolving conflicts than the market can on its own.

“I’m still trying to let it sink in; that I’m one of the year’s Nobel Prize winners,” Williamson told the TT news agency over the telephone from California.

“It’ feels fantastic. I’ve had a fantastic academic career and I don’t have to top it off with a Nobel Prize to be satisfied. But as things have developed, it’s really a huge honour and satisfying to get a prize like thins which I’m sure will spread and develop the work that I and others have wrestled with.”

The 10 million kronor ($1.4 million) in prize money will be shared equally between the two.

David Landes (david.landes@thelocal.se)

Don't miss...X
Left Right

Your comments about this article

14:21 October 12, 2009 by zircon
I need a Nobel Prize as well.
14:33 October 12, 2009 by Mkolid
hahaha! @Zircon, i am next to you!
16:31 October 12, 2009 by krrodman
Headline should have read:

Obama Fails to Win Nobel Prize in Economics
16:40 October 12, 2009 by honorable
This is a feminine record of all time in other ways. 2009 is the first year in which 5 women win a Nobel prize. The previous records were 3 women Nobel winners in 2004)and 2 women Nobel winners in 1976.

Note that among the 41 Nobel prizes received by women:

7 were jewish.

1 was muslim

1 was black.

17 % of all female Nobel prize winners are jewish (only 0,2 % of women are jewish, on this planet), and 40 % of all femal Nobel prizes in Medicine are jewish.

Remember that when some pretend that judaism denigrates or puts down women. Imagine what would happen if it did not!
09:05 October 13, 2009 by Baned
I appreciate that post, honorable.
13:31 October 16, 2009 by Beynch
Why didn't Obama snare this one?
Today's headlines
Three rescued after cruise ship sinks boat
Rickard Rundgren Björk of the coastguard services speaks to the media after the rescue operation on April 19th 2014. Photo: Maja Suslin /TT

Three rescued after cruise ship sinks boat

Three Saturday morning sailors had a lucky escape after their small boat collided and sank after it crashed into a cruise ship whilst sailing in the Stockholm archipelago. READ () »

Missing Swede found alive and well in UK
Sofie Marie Jansson. Photo: Metropolitan Police

Missing Swede found alive and well in UK

British police have found the missing Swedish girl Sofie Jansson in London, exactly a week after she was last seen, with authorities saying she is doing well. READ () »

Social Democrats make tax pledge to elderly

Social Democrats make tax pledge to elderly

Sweden's opposition party have stepped up its efforts to secure the pensioner vote by pledging to lower taxes for the elderly and make higher earners pay more. READ () »

Malmö Nazi attack victim on the mend
Showan Shattak pictured in Malmö before his attack. Photo: Facebook

Malmö Nazi attack victim on the mend

The 25-year-old man, whose stabbing by neo-Nazis sparked mass demonstrations across Sweden, has made a strong recovery in hospital and took to social media to thank supporters for campaigning against fascism. READ () »

Police seeking missing Swede in London

British police have issued a plea for tips in the search to find Swedish national Sofie Marie Jansson who hasn't been seen for almost a week. READ () »

University applications rocket to record high

University applications rocket to record high

Swedish universities continue to draw vast amounts of applicants with the number of prospective students seeking a third level education increasing for the seventh year in a row. READ () »

Man jailed in US over Lars Vilks murder plot
Swedish artist Lars Vilks pictured in New York in 2012. Photo: Linus Sundahl-Djerf/TT

Man jailed in US over Lars Vilks murder plot

American authorities have sentenced a 20-year-old accomplice of 'Jihad Jane' to five years in prison for an attempted terror plot to kill Swedish artist Lars Vilks, after getting involved with the murder plans when he was a teenager. READ () »

Sweden scraps 'new start zones' after EU input
Integration Minister Erik Ullenhag visits a school in Tensta, one of the neighbourhoods mentioned when he and his colleagues first floated the new start zone proposal. File: TT

Sweden scraps 'new start zones' after EU input

Sweden has abandoned a plan to ease taxes for small companies in blighted areas after the European Commission challenged its legality. READ () »

'Easter eggs an invitation to spread germs'
A typical Swedish Easter egg. Photo: Jessica Gow/TT

'Easter eggs an invitation to spread germs'

A Swedish microbiologist has warned that traditional Swedish Easter eggs laden with candy are an open invitation to the spread of bacteria and viruses. "Is this really a good idea?" he asked. READ () »

Jammed truck snarls Stockholm rush hour
Photo: Anders Wiklund/TT

Jammed truck snarls Stockholm rush hour

PICTURES: A truck got wedged inside a tunnel in central Stockholm on Thursday, with authorities concerned the accident may have damaged cables in the tunnel's ceiling. READ () »

RECEIVE OUR NEWSLETTER AND ALERTS
Society
Swedish supermarket Ica pulls contested Easter commercial off air
Kungahuset
Society
Swedish royals set baptism date for princess
finest.se
Gallery
People-watching April 16
Politics
Who's the prime minister's heir?
Alfie Atkins
Society
Are children's books the key to families integrating in Sweden?
National
'Sweden Dem protests cater to party's martyr image'
National
'Swedish research grants were fantastic, but now it's like Australia'
Society
Only in Sweden: The ten problems you'd never encounter elsewhere
National
Swedes stopped to take my picture, but didn't look me in the eyes
Business & Money
A swipe of the hand replaced cash and cards in Lund
YouTube
Features
Video: Oliver Gee finds out how to embrace The Swedish Hug
TT
National
Abba duo hints at reunion
Advertisement:
Private
National
Flash mobs hug it out across Sweden
Finest.se
Gallery
People-watching April 11-13
TT
Politics
Swedes to give six-hour workday a go
TT
Society
Aussie choir member wows Abba in Sweden
YouTube
Society
Stockholm magic a surprise YouTube hit
Fastighetsbyrån
Society
Gallery: The Local's Property of the Week
Private
Society
Swedes find 200-year-old gravestone in living room
Stockholm School of Economics
Sponsored Article
Why a bachelor's degree is no longer enough
Deepti Vashisht
Features
Deepti Vashisht dissects the magic of Sweden's personal ID number
Shutterstock
Society
Ten signs you've been in Sweden too long
Society
Jimi Fritze heard every word when doctors discussed taking his organs
Society
A Swedish farmer explains why the new bestiality ban is 'pointless'
ESL
Sponsored Article
Learning Swedish the easy way
Latest news from The Local in Switzerland

More news from Switzerland at thelocal.ch

Latest news from The Local in Germany

More news from Germany at thelocal.de

Latest news from The Local in Spain

More news from Spain at thelocal.es

Latest news from The Local in France

More news from France at thelocal.fr

Latest news from The Local in Italy

More news from Italy at thelocal.it

Latest news from The Local in Norway

More news from Norway at thelocal.no

Blog Update: The Diplomatic Dispatch

28 October 15:16

The Green Growth Group Summit »

"Today on the 28 October in Brussels, a large group of key EU Ministers and business people, including UK Secretary of State for Energy and Climate Change Edward Davey, and Swedish Environment Minister Lena Ek, will meet to discuss green growth. They all have a stake in resolving a challenge which, although it is crucial..." READ »

751
jobs available
Swedish Down Town Consulting & Productions
Swedish Down Town Consulting & Productions is an innovative business company which provides valuable assistance with the Swedish Authorities, Swedish language practice and general communications. Call 073-100 47 81 or visit:
www.swedishdowntown.com