What This Year’s Nobel Prize in Economics Says About the Nobel Prize in Economics

Yesterday the Nobel Prize Committee announced Oliver Willamson and Elinor Ostrom, both from the United States, as the recipients of 2009 Nobel Prize in the field of Economics.  Oliver Willamson is an economist prominent particularly in the area of transaction cost economics.  On the other hand, Elinor Ostrom is a political scientists renowned in the study of common pool resources.  The article highlights how boundaries between economics and other social sciences have become less clearly defined.  While economics exerts great influence over a wide variety of subjects, it seems that the prize is moving toward a Nobel in Social Science, rather than Economics.



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