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Elinor Ostrom and Oliver Williamson: Economic governance: the organization of cooperation

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  • Committee, Nobel Prize

    (Nobel Prize Committee)

Abstract

Traditionally, economic theory has by and large been a theory of markets or, more precisely, about market prices. However, there are at least two reasons why economic science should extend beyond price theory. First, markets do not function properly unless suitable contracts can be formulated and enforced. Hence, we need to understand the institutions that support markets. Second, considerable economic activity takes place outside of markets – within households, firms, associations, agencies, and other organizations. Hence, we need theories to explain why these entities exist and how they work.

Suggested Citation

  • Committee, Nobel Prize, 2009. "Elinor Ostrom and Oliver Williamson: Economic governance: the organization of cooperation," Nobel Prize in Economics documents 2009-1, Nobel Prize Committee.
    • Handle: RePEc:ris:nobelp:2009_001
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    File URL: http://www.nobelprize.org/nobel_prizes/economics/laureates/2009/popular-economicsciences2009.pdf
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    More about this item

    Keywords

    Economic Governance;

    JEL classification:

    • D70 - Microeconomics - - Analysis of Collective Decision-Making - - - General
    • H10 - Public Economics - - Structure and Scope of Government - - - General

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