Monday, October 12, 2009

The Prize

The prize in economics went to Ostrom and Williamson for institutional economics.
“In reading [Professor Ostrom's and Williamson's] work, you are
impressed that economics is not really fundamentally about markets, but
about resource allocation and distribution problems
. Markets appear
because they operate effectively to handle a subset of these resource allocation
” - Michael Spence, senior fellow, the Hoover Institution.

A timely reminder to those who are following the current crisis.

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