The Editors of Focaal asked me to comment on
the recent award of a so-called Nobel Prize in
economic sciences to Oliver Williamson, a
founder of New Institutional Economics (NIE),
and Elinor Ostrom, a political scientist who is
best known for her work on “common property
regimes” and “public entrepreneurs.” The
committee of the Bank of Sweden commended
the two of them for their work on “economic
governance,” which has reshaped how economists
think about the nature of the firm and
the boundaries between private and public institutions.
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