More news from the Royal Swedish Academy of

Sciences today as the Nobel Prize for Economics was announced. Dr Elinor Ostrom, professor at Indiana

University was awarded the prize earlier this morning. Dr. Ostrom is the first woman to receive the

prize since its inception in 1968. Dr. Ostrom, along with her co-prize winner Oliver E. Williamson,

has done extensive research in the field of economics pertaining to the idea of the

commons.

The commons in economic terms refers generally to a shared resource that no one

entity can claim as their own property. An easy example is clean air. No entity owns the air, nor can

charge for using the resource. The commons often gets cited in referenced in terms of the tragedy of

the commons, where the resource is exploited due to its lack of ownership.

Dr Ostrom has

applied these theories to work in economic governance in relation to natural resources. Dr. Ostrom

has published multiple works on how humans interact with the natural world and have created

institutions to protect these common resources. Her work has changed the way private institutions and

governments look at their use of these common resources.

Razornomics would like to

congratulate Dr. Ostrom and Dr. Williamson on their extraordinary achievement.

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target="_blank">More information on Dr. Ostrom

Oliver Williamson and Elinor Ostrom