Woman
Wins Nobel Price In Economics
Elinor
Ostrom has become the first woman to win the Nobel
Prize for economics since it began in 1968.
Ostrom won the prize with fellow American Oliver
Williamson for their separate work in economic
governance.
The Nobel Memorial Prize in Economic Sciences is the
last of the six Nobel prizes announced this year.
Since 1980, it has gone to Americans 24 times.
The Cutting Edge
The Royal Swedish Academy of Sciences cited
Professor Ostrom, who teaches at Indiana University,
"for her analysis of economic governance," saying
her work had demonstrated how common property could
be successfully managed by groups using it.
She told Swedish television that she was "in shock"
at being the first woman to clinch the award, adding
winning had been a "great surprise".
Pairing
Meanwhile, the academy has also announced that
Professor Williamson has developed a theory where
business firms served as structures for conflict
resolution.
The University of Berkeley California academic has
argued that hierarchical organisations such as
companies represent alternative governance
structures, which differ in their approaches to
resolving conflicts of interest.
"Over the last three decades, these seminal
contributions have advanced economic governance
research from the fringe to the forefront of
scientific attention," the academy said.
The pair will share the 10-million Swedish kronor
(£910,000; $1.44m) prize.
Last year, American academic, Paul Krugman won the
prize, in recognition of his analysis of trade
patterns and where economic activity takes place.
BBC/ Qasim/ Austeen