Williamson and Ostrom Win Econ Nobel

A great New York Times piece on the selection here - Two Americans Share Nobel in Economics. My thoughts - I was pretty certain that the committee would not pick any of the macroeconomists being mentioned, for the reasons outlined here. I agree with Don Bodreaux that Williamson's The Economic Institutions of Capitalism remains a must read - it is one of the books that convinced me to continue studying economics.

I must admit that I am not as familar with the work of Elinor Ostrom, though I recognize the name and am certain I must have read a paper or two in my travels. Good summaries of her work available at Env-econ.net and Marginal Revolution. In fact, when I heard the annoucement I got her confused with economist Sylvia Ostry with whom I am much more familiar.

All in all, Williamson is a fine choice. I will have to get more familiar with the work of Prof. Ostrom before I can make an informed opinion.