October 12, 2009
On the Ostrom and Williamson Nobel

I've been rooting for Gordon Tullock to win the Nobel for as long as I can remember, but I can't say I'm surprised or disappointed that this year's prize went to Elinor Ostrom and Oliver Williamson. In fact, I'm thrilled. Arnold Kling offers an excellent summary of the Ostrom and Williamson win here.

Posted by Art Carden at 09:15 AM in Economics

The statesman who should attempt to direct private people in what manner they ought to employ their capitals would not only load himself with a most unnecessary attention, but assume an authority which could safely be trusted, not only to no single person, but to no council or senate whatever, and which would nowhere be so dangerous as in the hands of a man who had folly and presumption enough to fancy himself fit to exercise it. -Adam Smith

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