Nobel Prize goes to... by Barbora Misakova

This year’s Nobel prices were all about sensation. The first one and probably the biggest one was that Barack Obama won the Nobel Peace Prize. Another surprise was a winner in economics – for the first time in the history the prize went to a woman – Elinor Ostrom. She shares this prize (and also $1.4 million) with Oliver Williamson. Ostrom with her research of common sources such as forests, fisheries, oilfields and others showed they can be managed successfully also by common people not only governments or private companies. I don’t know when and where exactly this idea arose for the first time, if it was only her idea, but it is more than effective! also in the work with Gypsies these days. Rather than ignore them, it is much better and efficient to involve them into the project, as Ostrom said: “What we have ignored is what citizens can do and the importance of real involvement of the people involved.” Co-winner Williamson focused his research on companies and markets and their way of resolving conflicts. The result was: companies are typically better able than markets to resolve conflicts when competition is limited. Many experts see in his work some kind of instruction how to handle colossal financial companies and think that especially Williamson’s work could help shape financial crises debate and inspire research to help prevent another debacle. This year’s Nobel prizes came to five women and to eleven American citizens (from the 13 Nobel winners it is more than satisfying number, what you think?)

related story (sgx15599): http://news.yahoo.com/s/ap/20091012/ap_on_bi_ge/eu_nobel_eco...

by Barbora Misakova for PocketNews (http://pocketnews.tv)

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