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    Nobel judges put the 'social' back into economic science
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    On the other hand, if several coalmines are nearby, then integrating with just one of them could undermine the advantages of allowing the coal companies to compete for the utility's business. "If you believe that markets operate in Alan Greenspan fashion, then you don't inquire into the details" Professor Williamson said in an interview. Full Article at The Age
    If you believe that markets operate in Alan Greenspan fashion, then you don't inquire into the details
    Oliver Williamson – Oliver Williamson SOURCE: The Age 1 month ago
All quotes from:
Nobel judges put the 'social' back into economic science
  1. If you choose to integrate activities that are well served by the market, you are taking on disadvantages
    SOURCE: The Age 1 month ago
  2. Conservatives used the tragedy of the commons to argue for property rights, and efficiency was achieved as people were thrown off the commons
    Joseph Stiglitz – Joseph Stiglitz SOURCE: The Age 1 month ago
  3. When local users of a forest have a long-term perspective, they are more likely to monitor each other's use of the land, developing rules for behaviour ... It is an area that standard market theory does not touch.
    SOURCE: The Age 1 month ago
  4. There is a place for each mode of organisation
    SOURCE: The Age 1 month ago
  5. This award is part of the merging of the social sciences ... Economics has been too isolated and too stuck on the view that markets are efficient and self-regulating. It has derailed our thinking.
    SOURCE: The Age 1 month ago
  6. But the effects of throwing a lot of people out of their livelihood were enormous. What Ostrom has demonstrated is the existence of social control mechanisms that regulate the use of commons without having to resort to property rights.
    SOURCE: The Age 1 month ago
  7. Large corporations may, of course, abuse their power ... They may, for instance, participate in undesirable political lobbying and exhibit anti-competitive behaviour.
    SOURCE: The Age 1 month ago

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