Nobel in Economic Science is Awarded to Woman

Elinor Ostrom is the first woman to win Nobel Memorial Prize in Economic Sciences since it was founded in 1968. She is also the fifth woman to win a Nobel award this year - a record for the prestigious honors.

It was also an exceptionally strong year for the United States, with 11 American citizens - some of them with dual nationality - among the 13 Nobel winners, including President Barack Obama, who won the Nobel Peace Prize on Friday.

The academy said over the last three decades, the work done by Ostrom and Williamson had "advanced economic governance research from the fringe to the forefront of scientific attention." It said their research showed that economic analysis can shed light on most forms of social organization, reports.

It was also reported, the research of Elinor Ostrom and Oliver Williamson shows that economic analysis can shed light on most forms of social organisation," the jury said.

Ostrom won half the 10-million-kronor (1.42-million-dollar, 980,000-euro) prize "for her analysis of economic governance" especially relating to the management of common property or property under common control, such as natural resources.

Her work challenged the conventional wisdom that common property is poorly managed and should be either regulated by central authorities or privatised, the jury said.

A professor at Indiana University whose name has circulated as a possible winner in recent years, Ostrom told Swedish television her first reaction was "great surprise and appreciation," and said she was "in shock" over being the first woman to clinch the honour.

"If we want to halt the degradation of our natural environment and prevent a repetition of the many collapses of natural-resource stocks experienced in the past, we should learn from the successes and failures of common-property regimes," the jury said, AFP reports.
New agencies report, Mr Williamson, 78, is Edgar F. Kaiser Professor Emeritus at the Haas School of Business.

Ms Ostrom, also in her 70s, is the Arthur F Bentley Professor of Political Science at Indiana University Bloomington.

Last year, the Nobel economics prize was awarded to Paul Krugman, a Prince University scholar who was hostile towards the Bush administration, Times Online reports.

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