Elinor Ostrom First Woman to Win Nobel Prize in Economics

Elinor Ostrom, left, and Oliver E. Williamson. AFG/Getty imagesAmerican economists Elinor Ostrom and Oliver Williamson were awarded the Nobel Prize in economics today.

Ms. Ostrom, who teaches at Indiana University in Bloomington, Ind., is the first woman to win the prize, which, before Monday, had been awarded to 62 men since it was launched in 1969.

The judges cited “her analysis of economic governance, especially the commons,” the way in which natural resources are managed as shared resources. It is an area of research that she said was relevant to questions surrounding global warming, and suggests that decisions by individuals can help solve the problem even as governments work to reach an international agreement. more on economic theory and Mr. Williamson via Wall Street Journal