Beyond Market: Institutions of Governance in the Complex World (Nobel Memorial Prize in Economics 2009 - Oliver Williamson and Elinor Ostrom)
(Nobel Memorial Prize in Economics 2009 — Oliver Williamson and Elinor Ostrom) The article surveys the main lines of research conducted by Oliver Williamson and Elinor Ostrom — 2009 Nobel Prize winners in economics. Williamson’s and Ostrom’s contribution to understanding the nature of institutions and choice over institutional options are discussed. The role their work played in evolution of modern institutional economic theory is analyzed in detail, as well as interconnections between Williamson’s and Ostrom’s ideas and the most recent research developments in organization theory, behavioral economics and development studies.