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Economic Governance: The Organization of Cooperation

October 26th, 2013 humas Leave a comment Go to comments

E. Ostrom

Traditionally, economic theory has by and large been a theory of markets or, more precisely, about market prices. However, there are at least two reasons why economic science should extend beyond price theory.

First, markets do not function properly unless suitable contracts can be formulated and enforced. Hence, we need to understand the institutions that support markets. Second, considerable economic activity takes place outside of markets – within households, firms, associations, agencies, and other organizations. Hence, we need theories to explain why these entities exist and how they work.

2009 Laureates have been instrumental in establishing economic governance as a field of research. Elinor Ostrom has provided evidence on the rules and enforcement mechanisms that govern the exploitation of common pools by associations of users. Oliver Williamson has proposed a theory to clarify why some transactions take place inside firms and not in markets. Both scholars have greatly enhanced our understanding of non-market institutions.

Baca selengkapnya dari: “The Prize in Economic Sciences 2009 – Popular Information“.  Baca juga: “The Prize in Economic Sciences 2009 – Illustrated Presentation“. Nobelprize.org. Nobel Media AB 2013. Web. 26 Oct 2013.

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