Oliver Williamson and Elinor Ostrom have got the Nobel Prize in economics this year. While Williamson was on the list of potential candidates since the time when D. North have got his prize in 1993, E. Ostrom is quite an unexpected choice (here is the Greg's Mankiw list). Actually, she is the first woman who won the Nobel prize in Economics.
The choice might reflect the change in mood among economists since the start of financial crisis. It is safe to reward someone who has not been involved with financial modelling like E. Fama or macroeconomics like R. Barro and J Taylor.
Monday, October 12, 2009
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