Novel Prize on Economics in 2009

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TOPIC: Novel Prize on Economics In 2009

Abstract:

This year's Nobel Prize in economics goes to Elinor Ostrom and Oliver E. Williamson. Elinor Ostrom received the prize for her analysis of economic governance, especially the commons while Oliver E. Williamson received the prize for his contributions to the economic governance, emphasizing the boundaries of the firm and its role in conflict resolution and case bargaining.Michael Spence, the 2001 Nobel prize winner, briefly summarized the main contributions of Elinor Ostrom and Oliver E. Williamson to the economic theory. Many economist and critics has given their speech about the novel prize award of this year. Some of them criticize the novel committee for giving the prize of these two persons while others congratulate the prize winners as well as the novel committee. Most of the people think Novel prize received by the right person for their great contribution on economics.

Introduction:

The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel was established in 1968. Technically, there is no ‘Nobel’ prize in Economics; on the website of Nobel foundation, amongst Nobel Prize in Physics, Chemistry, Medicine, Literature and the Nobel Peace Prize, later ‘Prize in Economics’ commenced since 1969. After that this prise has been given regularly. 41 Prizes in Economic Sciences have been awarded every year since 1969. 22 Prizes in Economic Sciences have been given to one Laureate only.15 Prizes in Economic Sciences have been shared by two Laureates. 4 Prizes in Economic Sciences have been shared between three Laureates.

Nobel Prize in economics gets Elinor Ostrom and Oliver E. Williamson jointly in this year. Elinor Ostrom received the prize for her analysis of economic governance, especially the commons while Oliver E. Williamson received the prize for his contributions to the economic governance, emphasizing the boundaries of the firm and its role in conflict resolution and case bargaining.

Objectives of the study:

We are very interested about the novel prize that has been given on economics. Economics is one of the important issues for any country all over the world. As we are the student of business faculty we have to achieve vast knowledge on economics. A countries development basically depends on the prosperous economy. Moreover, we want to know about how economist of one country’s places their contribution in the development of the economy of the country. We also want to know how economist get novel prize on the economics. What contribution helps them to get the novel prize? After all as we are the students of business faculty we want to learn more about the economics. The main objective of the study is to know for what kinds of activities Elinor Ostrom and Oliver E. Williamson get the novel prize in the year 2009.

Novel Prize on Economics In 2009
Nobel Memorial Prize in Economic Sciences
The Nobel Memorial Prize in Economic Sciences, commonly referred to as the Nobel Prize in Economics is an award for outstanding contributions to the science of economics and is generally considered one of the most prestigious awards for that science. The official name is the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel. It is not actually one of the Nobel Prizes established by the will of Alfred Nobel during 1895, but is commonly identified with them. The Prize in Economics, as it is referred to by the Nobel Foundation, was established and endowed by Sveriges Riksbank, Sweden's central bank, during 1968 on the Bank's 300th anniversary, in memory of Alfred Nobel's 1895 will. Like the Nobel Laureates in Chemistry and Physics, Laureates in Economics are selected by the Royal Swedish Academy of Sciences It was first awarded during 1969 to the Dutch and Norwegian economists Jan Tinbergen and Ragnar Frisch, "for having developed and applied dynamic models for the analysis of economic processes." Funding of the Prize

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