5 NobelPrizeWinning Economic Theories You Should Know about国际金融补充阅读.docVIP

5 Nobel Prize-Winning Economic Theories You Should Know About The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel has been awarded 44 times to 71 Laureates who have researched and tested dozens of ground-breaking ideas. Here are five prize-winning economic theories that youll want to be familiar with. These are ideas youre likely to hear about in news stories, because they apply to major aspects of our everyday lives.1. Management of Common Pool Resources In 2009, Indiana University political science professor Elinor Ostrom became the first woman to win the prize. She received it for her analysis of economic governance, especially the commons. Ostroms research showed how groups work together to manage common resources such as water supplies, fish and lobster stocks, and pastures through collective property rights. She showed that ecologist Garrett Hardins prevailing theory of the tragedy of the commons is not the only possible outcome, or even the most likely outcome, when people share a common resource. Hardins theory says that common resources should be owned by the government or divided into privately owned lots to prevent the resources from becoming depleted through overuse. He said that each individual user will try to obtain maximum personal benefit from the resource to the detriment of later users. Ostrom showed that common pool resources can be effectively managed collectively, without government or private control, as long as those using the resource are physically close to it and have a relationship with each other. Because outsiders and government agencies dont understand local conditions or norms, and lack relationships with the community, they may manage common resources poorly. By contrast, insiders who are given a say in resource management will self-police to ensure that all participants follow the communitys rules. Learn more about Ostoms prize-winning research in her 1990 book, Governing the Commons: The Evolution of