NAS Members Share Nobel Prize for Economics

October 12 - The 2009 Nobel Prize for Economics is being shared by two National Academy of Sciences members for their separate contributions in the analysis of economic governance. Elinor Ostrom demonstrated how common property can be successfully managed by user associations. Oliver Williamson developed a theory where business firms serve as structures for conflict resolution. Their findings demonstrate that economic analysis can shed light on most forms of social organization. Ostrom was elected to the NAS in 2001 and Williamson in 1994.