The Nobel Prize in Economics is officially known as “The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel” and was announced on October 12, 2009. The Nobel Prize in Economics for 2009 was awarded jointly to Elinor Ostrom for her work on analysis of economic governance, especially the commons and Oliver Williamson for his work on analysis of economic governance, especially the boundaries of the firm. As soon as the prize was announced, the winners were criticized by the traditionalists as unknown in the field of New Institutional Economics, and even unworthy of the honor. However, Douglass North, recipient of the Nobel Prize in economics, 1993 was pleased at the announcement of this year’s winners and welcomed the two pioneers to the Nobel Prize winner’s circle.
Elinor Ostrom, Ph.D, is Professor at the School of Public and Environmental Affairs and the Arthur F. Bentley Professor of Political Science, both at Indiana University, Bloomington.
Oliver Williamson, Ph.D, is the Edgar F. Kaiser Professor Emeritus of Business, Economics and Law, and Professor at the Graduate School, both at the University of California, Berkeley.