A Nobel Prize for governance and institutions : Oliver Williamson and Elinor Ostrom

This paper reviews the 2009 Nobel Prize in Economics jointly awarded to Oliver Williamson for his work on governance in organizations and the boundaries of the firm, and to Elinor Ostrom for her work on the governance of common pool resources. We review the careers and the research contributions of Williamson and Ostrom to the theory and analysis of economic institutions of governance. Both winners of this Prize for 'economic governance' are thoroughly deserved, yet like the Hayek- Myrdal Prize of 1974 their respective approaches, methods and findings are almost diametrically opposed. Williamson offers a top-down contracts-based solution to the incentive problems of opportunism in corporate governance, whereas Ostrom offers a bottom-up communication-based solution to the governance opportunities of community resources. We offer some critical comments on Williamson's analytic work and discussion of the potential for further application of Ostrom's case-study based experimental methodology. We conclude with a suggested third nominee to make better sense of how these two great scholars' works fit together, namely George Richardson'

David Williamson's The Club : football politic, a dirty story

Watching David Williamson’s The Club (Bruce Beresford, 1980) now, as a scandal over performance‐enhancing drugs threatens to destroy at least one AFL club and permanently taint the League’s credibility, while in another form of football a player is bought and sold for a world record fee of almost $150 million, the indignant outrage of the film’s coach and players over the $120,000 fee paid for a pot‐smoking raw recruit appears quaint and comic in unintended ways. Were it ever true, it seems harder than ever now to agree with Nick Parson’s assertion that ‘in Australia the only sphere of endeavour that is considered morally pure is sport.

Godshaw (Gottschalk) children Hal, Elisabeth, Kurt, Walter, Ursula, and Freddy.

Front row from left to right: Walter, Ursula, Freddy; top row from left to right: Hal, Elisabeth, Kurt

Walter Godshaw (Gottschalk), Louise "Isa" Gottschalk nee Rosenthal and Peter Zander; England.

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Studio portrait of Walter Godshaw (Gottschalk) as a teenager; Hannover, Germany.

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Walter and Freddy Godshaw (Gottschalk) with their uncle Ernst Meyerhof; London, England.

From left to right: Walter Godshaw, Ernst Meyerhof, and Freddy Godshaw

Walter Godshaw (Gottschalk) riding a motor scooter; Japan(?) Portraits Men

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Freddy, Ursula, Elizabeth, Hal, Walter, and Kurt Gottschalk sharing a bed with their parents.

From left to right: Fred Gottschalk, grandma, Ursula Gottschalk, Elizabeth Gottschalk, grandpa, Hal Gottschalk, Walter Gottschalk, and Kurt Gottschalk

Walter, Freddy, Kurt and Elizabeth Gottschalk with their mother Therese Gottschalk nee Molling, and the maid on an easter egg hunt; Hannover, Germany.

From left to right: Walter Gottschalk, Therese Gottschalk nee Molling, Freddy Gottschalk, the maid, Kurt Gottschalk, and Elizabeth Gottschalk

Children portrait of Walter Gottschalk and Ursula Gottschalk.

The picture was probably taken in Hannover, Germany

Portrait of the six Gottschalk children Walter, Ursula, Freddy, Hal, Elizabeth and Kurt in garden; Hannover, Germany. Portraits Children

Front row from left to right: Walter, Ursula, and Freddy; back row from left to right: Hal, Elizabeth, and Kurt Godshaw; picture was probably taken in their backyard on Seelhorststrasse in Hannover, Germany