Business & Economics

How does Nobel economist Oliver Williamson's work apply to 21st century capitalism, both here and in developing countries? (October 15, 2009)

 

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Nobel economist Oliver Williamson: What he did and how it applies to 21st century capitalism

Steve Tadelis, associate professor of business and public policy | 10/21/09 | 2 comments | Leave a comment
stadelis

It’s been a week of celebrations at Berkeley following the announcement that the Nobel Prize in Economics was shared by my friend and colleague, Oliver (Olly) Williamson. Certainly, many outside the field are asking three simple questions: First, what did Olly do? Second, why was it path-breaking? And most importantly, what does this have to do with anything we should care about? I’ll begin by answering these questions succinctly: First, Olly demonstrated when it is more efficient for a firm to produce a component in-house rather than outsourcing it to another firm. Second, it was path-breaking because economic research at the … More >

Comments to "Nobel economist Oliver Williamson: What he did and how it applies to 21st century capitalism":
    • Hanmin Liu 11/7/09, 7:19 am That's right! No Olly, no TCE, and no NIE. Olly is one of the most outstanding scholars all over the world. His influence is beyond economics, but all social sciences.

The New Nobels: Small steps toward integrated social science

David Zilberman, professor of agriculture and resource economics | 10/19/09 | 42 comments | Leave a comment
dzilberman

I got a kick out of learning that Eleanor Ostrom and Berkeley’s Oliver Williamson won the Nobel in Economics. I had a similar response when the Psychologist, Dan Kahneman, won the prize. These are important steps in the expansion of economics and establishing an integrated social science based on rigorous logical thinking and empiricism.  This integrated new social science will provide insight on how people think and interact and how to improve the human condition.

It is useful to contrast the evolution of economics and biology. Research in the biological sciences first identifies and documents various organisms and only later develops … More >

Comments to "The New Nobels: Small steps toward integrated social science":
    • David Hopkins 4/26/11, 5:44 am I am pleased that the Nobel Prize to go to some worthy recipients. It is hoped that the Nobel Committee will raise standards and to return to give rewards to those who deserve it.
    • Brenda Williams 4/25/11, 6:01 am I think it's a great idea that would never be able to better understand the society and individuals. Good to see Ostrom and Williamson were rewarded for their efforts. Smile!
    • Casey Hamilton 4/22/11, 5:45 am I think it's a good idea that would never be able to better understand the society and individuals. Nice to see Ostrom and Williamson were honored for their work. Smile!

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