Foundations of Contemporary Economics: Elinor Ostrom and Common Pool Resources

Henrik Egbert (), Teodor Sedlarski and Aleksandar B. Todorov

Economic Thought journal, 2023, issue 5, 554-571

Abstract: Elinor Ostrom changed the way of thinking about common-pool resources in economics. She provided an institutional analysis that shows how groups can find solutions to complex problems for collective goods. Ostrom showed that collective action can work among rational individuals. She and her husband Vincent objected privatization, nationalization, and centralized government for governing the commons. Instead, they promoted polycentric governance as a solution for many common-pool resources. Her approach is known as the Bloomington School of Political Economy, a thriving direction in Public Choice Theory.

JEL-codes: B25 C92 D71 H41 H44 (search for similar items in EconPapers)
Date: 2023
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Citations: View citations in EconPapers (1)

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