Economics

Institutions and Success: a Tribute to Douglass North

Posted: 01/12/2018 - 01:09

This month’s Academic of Outsourcing tribute goes to Douglass C. North for his work on “new institutional economics.” North – a professor, economist, philosopher and economic historian – was the co-recipient (with Robert Fogel) of the 1993 Nobel Prize in Economic Sciences “for having renewed research in economic history by applying economic theory and quantitative methods in order to explain economic and institutional change.” 

Deirdre McCloskey: Are Markets Moral?

Posted: 05/14/2015 - 05:19

Economist and philosopher Deirdre McCloskey has some thought-provoking and highly nuanced takes on innovation and ethics in the commercial arena.

How about this for starters: capitalism is innovation, in her estimation. And she contends that capitalism/innovation backed by liberal economic ideas “has made billions of poor people pretty well off, without hurting other people.” Did I mention she is also controversial?

Jean Tirole: The science of taming powerful firms

Posted: 12/22/2014 - 09:07

Jean Tirole, the French professor of economics who recently received the Nobel Prize, is one of the most influential modern economists for his extensive theories and rigorous mathematic analysis of strategic behaviour and information economics in what is known as “Industrial Organisation” (IO).

As part of his research, he studied firms and markets where a firm had “power” to dominate the market and perhaps abuse that power.

Elinor Ostrom: getting involved in your own governance

Posted: 08/02/2012 - 07:12

This month’s column pays a tribute to Elinor Ostrom, who shared the Nobel Prize award in economic science in 2009 with Oliver Williamson. Ostrom, who died at age 78 on June 12, was cited by the Nobel Committee for “her analysis of economic governance, especially the commons,” a term that refers to resources that are owned or shared in common among communities.

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