Congratulations to Elinor Ostrom and Oliver Williamson, winners of the 2009 Nobel Prize in Economics. Ostrom and Williamson are pioneers in the field of New Institutional economics.  Their work speaks to the value of bringing the real world back into the study of economics. 
 
The Mercatus Center is proud of its longstanding association with Elinor Ostrom whose work demonstrates the extraordinary capacity of individuals to solve problems without resorting to top down, one size fits all plans.  Through innovative fieldwork, she has shown the wisdom of decentralized governance – making sure that the people who have the most relevant and local knowledge are the ones empowered to make decisions. 
 
Elinor’s interdisciplinary and innovative methodological approach are important contributions to how we study society, and recognize the importance of respecting the individual and institutional diversity in crafting public policy. 
 
To learn more about Ostrom’s work and its importance to the field of political economy visit the links below or the Associated Publications:

An Open Letter Regarding the 2009 Nobel Prize in Economics by Peter Boettke
 
Challenging Institutional Analysis and Development: The Bloomington School
by Paul Dragos Aligica and Peter J. Boettke
A recent book on Elinor Ostrom’s research program, The Bloomington School and its approach to political economy.
 
Rethinking Institutional Analysis: Interviews with Vincent and Elinor Ostrom
An interview with Elinor and Vincent Ostrom on their work in the field of institutional analysis.

Symposium edition on the Ostroms’ contributions in the Journal of Economic Behavior and Organization, edited by Peter Boettke.

Mercatus Scholars Commenting in the Media on the 2009 Nobel Prize in Economics

• Peter Boettke in FEE.org
• Frederic Sautet in Le Figaro – Nobel d' Économie: le retour des libéraux
• John Nye published in Forbes – Nobel Pioneers 
• Paul Dragos Aligica quoted by the Associated Press – 2 Nobel winners may shape financial crisis debate 
• Paul Dragos Aligica published on Reason.com – Elinor Ostrom on the Market, the State, and the Third Sector 
• Alex Tabarrok quoted on WashingtonPost.com – Two Americans Win Nobel Economics Prize 
• Don Boudreaux, Alex Tabarrok, and Arnold Kling quoted on New York Times Economix – Reactions to the Nobel in Economic Science 

Mercatus Scholars Blogging on the 2009 Nobel Prize in Economics

• Peter Boettke on The Austrian Economists
  • Wisdom and Grace—As Usual From Vernon Smith—Everyone Should Know Lin Now
  • Lynne on Lin—Talk about "Getting It"
  • What is the problem with mathematical economics?
  • Why Did Mises Have to Write the First 100 pages of Human Action
  • Passages Worth Thinking About
  • Congratulations to Oliver Williamson as Well
  • Lin Ostrom—Political Economist—Wins 2009 Nobel
• Don Boudreaux on Café Hayek
  • Digital Library of the Commons
  • Ostrom Does What Economists Should Do
  • Technique Is Not Wisdom
  • Ostroms Interviewed
  • Awards to Applaud
• Tyler Cowen on Marginal Revolution
  • Elinor Ostrom on climate change
  • The economics of local forest management (or another lesson in Elinor Ostrom)
  • Oliver Williamson and asset specificity 
  • What this Nobel prize means
  • Elinor Ostrom and GMU 
• Arnold Kling on EconLog
  • Explaining Oliver Williamson
  • Nobel for Institutional Economics
• Russ Roberts on Café Hayek
  • A turning point?
• Alex Tabarrok on Marginal Revolution
  • Vernon Smith on Elinor Ostrom
  • Elinor Ostrom and the well-governed commons
  • Oliver Williamson and the pin factory
• Emily Washington on Neighborhood Effects
  • Elinor Ostrom and Neighborhood Governance