The Ostrom Nobel

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"Her landmark book, Governing the Commons, provides an empirical rejoinder to the pessimism of Garret Hardin and others about the tragedy of the commons -- it documents how people can and do solve these problems in e.g the management of water resources, forestry, pasturage and fishing rights."

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Lin [Elinor Ostrom] is emphatically clear on a number of key points:
  1. Self interested behaviour in perfect markets can be highly destructive.
  2. Appropriate norms and rules will not rely on pure self interest, but instead build on the capacity of (many) actors for conditional cooperation and reciprocity.
  3. Norms rely on collectively mandated sanctioning mechanisms if they are to work properly.
These are not, as I understand Hayek, Hayekian claims.
Henry Farrell, "The Ostrom NobelThe Ostrom Nobel"
Ostrom stresses repeatedly that even the best functioning markets are undergirded by an array of collective institutions which order people’s market interactions, and that in the absence of such rules, self interested behaviour will have highly adverse consequences.
Henry Farrell, "The Ostrom NobelThe Ostrom Nobel"