Elinor Ostrom Dies
Nobel Prize winner and political scientist Elinor Ostrom has died. Dr. Ostrom is primarily known for her work on collective action problems and how societies solve them (see her book Governing the Commons), for which she won the 2009 Nobel Prize in Economics. She took issue with the idea that governments are always necessary to reach socially optimal outcomes (although they are necessary in some cases), and instead believed that communities can and do solve these kinds problems on their own.
Here’s an interview Dr. Ostrom did with NPR’s Planet Money team after winning the Nobel, where she explains her pioneering work on the tragedy–or, as she calls it, the problem–of the commons. Be sure to listen for the deer.
- Interview With Nobel Prize Winner Elinor Ostrom On Climate Change (chimalaya.org)
- Ostrom Does What Economists Should Do (cafehayek.com)
- Ironic Nobel Prize Award in Economics: Ostrom & Williamson (ritholtz.com)
- A Well-Deserved Nobel (due-diligence.typepad.com)