The Economics Nobel Prize was awarded to Oliver Williamson and Elinor Ostrom. Williamson had been mentioned as a possible winner for the last decade at least, and now finally wins it.
Williamson was my thesis adviser at Yale Law School almost 25 years ago, at the time he wrote his book Economic Institutions of Capitalism. I liked Williamson's theory quite a bit, as it had many commonalities with both Hayek and Coase. I have used the theory in my own work.
Sadly, the New York Times mangles the discussion of Williamson and Ostrom, attempting to portray it as part of the narrative against markets. If one looks at the Novel Prize Committee page, one sees that this is a figment of the Times's imagination and bias.
Since the NYT has a history of fiction, shouldn't it be a candidate for the Literature prize? (Which is a genuine Nobel, unlike the Swedish Central Bank's pretendy Prize in Economics.)
Posted by: dearieme | October 12, 2009 at 09:22 AM
Congratulations to both.
Posted by: Lisa | October 12, 2009 at 08:33 PM