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

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No 2009-1, Nobel Prize in Economics documents from 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.

Keywords: Economic Governance (search for similar items in EconPapers)
JEL-codes: D70 H10 (search for similar items in EconPapers)
Pages: 5 pages
Date: 2009-10-12
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