Latest Nobel prize in economics is nod to the concepts of local sustainability

Summary:Nobel committee recognizes sustainability scholar Elinor Ostrom with 2009 Economics prize.

There are two big reasons why the selection of Indiana University professor Elinor Ostrom for a 2009 Nobel Prize in Economics is smart:

1) She's the first woman to be acknowledged in this category, and as a member of the same gender, I feel obliged to be a cheering section for that recognition.

But, more importantly for the purposes of this Smart Planet blog .....

2) The prize committee is clear that Ostrom's work in economic sustainability is ground-breaking and important and worthy of future considerations. Here are some of the comments from the press release:

[Ostrom] has challenged the conventional wisdom that common property is poorly managed and should be either regulated by central authorities or privatized. Based on numerous studies of user-managed fish stocks, pastures, woods, lakes, and groundwater basins, Ostrom concludes that the outcomes are, more often than not, better than predicted by standard theories. She observes that resource users frequently develop sophisticated mechanisms for decision-making and rule enforcement to handle conflicts of interest, and she characterizes the rules that promote successful outcomes.

In other words, you don't have to be big or regulated to come up with good ideas. And, by the way, the people who care about something in their local community just MIGHT be the best people to decide the policies about around.

Thank you, Elinor. And thank you Nobel prize committee for helping, overnight, to legitimize the future study of economic sustainability and its impact on our planet.

This post was originally published on Smartplanet.com

Topics: Innovation

About

Heather Clancy is an award-winning business journalist specializing in transformative technology and innovation. Her articles have appeared in Entrepreneur, Fortune Small Business, The International Herald Tribune and The New York Times. In a past corporate life, Heather was editor of Computer Reseller News. She started her journalism lif... Full Bio

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