Victory for New Institutionalism

Much of the ‘blogosphere’ erupted with praise at the announcement of this year’s Nobel Laureates for economics, & rightly so! Elinor Ostrom & Oliver Williamson are much-deserving recipients. From the excitement, outstanding commentary has emerged, shining new light on the subdiscipline of new institutional economics. Mario Rizzo appropriately stated earlier this week:

In this case the Nobel Committee has brought extraordinary work to the attention of an economics discipline that has become excessively specialized and, perhaps increasingly irrelevant to the real world.

As for explanations regarding the new laureates’ distinct works, Organization and Markets has, in essence, devoted the week to blogging on such affairs, & Alex Tabarrok of Marginal Revolution added an especially thoughtful post on Williamson’s contributions.

Here’s Ostrom, via Free Exchange, delivering a short lecture on the power of institutions & economic governance:

On the future of new institutionalism, Josh Wright noted that there are still others entitled to honorary recognition. I am hopeful their moments will come, & for the time being, delighted for the ambition acknowledgment of Ostrom & Williamson might inspire.

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