As a lapsed member of the International Society for the New Institutional Economics, I’m extremely pleased by this year’s awards to Oliver Williamson and Lin Ostrom. The message I would like to believe the Nobel committee is sending is that the study of real institutions and organizations has been undervalued, and that models without empiricism are empty.
I’m glad I had the good sense to have my picture taken with Elinor and Vincent Ostrom at an APSA meeting several years ago. Touched by greatness!
Here’s a long interview of each Ostrom with Paul Dragos Aligica (I edited it!) from 2003. Here’s Pete Boettke and Paul’s new book on the Bloomington School of political economy.