NOBEL PRIZE IN ECONOMICS--2009

Prof Elinor Ostrom and Oliver Williamson have jointly won the Nobel Prize for economics for the year 2009.Elinor ostrom is the first lady to win Nobel Prize in Economics. Prof Elinor has defied conventional wisdom and has shown through her studies that user-managed property is better run than the standard theories predicted.The previously accepted theory was that common properties are usually very poorly managed and maintained.Prof Williamson through his studies helped explain that economic analysis can shed light on most forms of social organisation.According to Williamson's theory large private corporations exist primarily because they are efficient.They are established because they make owners,workers,suplliers and customers better off than they would be under an alternative arrangement.