US Duo Share Nobel Economics Award

October 12, 2009

(ChattahBox) — Two American economists, Oliver Williamson and Elinor Ostrom, the first woman to win the award, have won the Nobel Prize in economics Monday.  They share the prize for their separate work on economic governance, organization, cooperation, relationships and nonmarket institutions. The Royal Swedish Academy of Sciences said the award recognized Ostrom  who is a teaching Professor of Political Science at Indiana University in Bloomington, Ind., for showing how common property can be managed by user associations.  Williamson, 77, a professor at the University of California Berkeley, was honoured with the other half of the prize “for his analysis of economic governance, in which he developed a theory where business firms serve as structures for conflict resolution. The two economists will share a 10 million kronor prize (about $1.4 million).  The economics prize is the only one of the six Nobel prizes not created in Swedish industrialist Alfred Nobel’s 1896 will, and is officially known as the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel.

* LITERATURE: — Romanian-born German writer Herta Mueller won the literature prize, saying Nicolae Ceausescu’s brutal dictatorship compelled her to write of how a powerful few can dominate and destroy a nation. The Swedish Academy paid tribute to Mueller “who, with the concentration of poetry and the frankness of prose, depicts the landscape of the dispossessed.”


* PHYSIOLOGY OR MEDICINE: —  Australian-born Elizabeth Blackburn, British-born Jack Szostak and Carol Greider won the prize for medicine for revealing the existence and nature of telomerase, an enzyme that helps prevent the fraying of chromosomes that underlies aging and cancer.

* PHYSICS: — Charles Kao, a Shanghai-born British-American, won half the physics prize for a discovery that led to a breakthrough in fiber optics, determining how to transmit light over long distances via optical glass fibers. Willard Boyle, a Canadian-American, and George Smith of the United States shared the other half for inventing the first successful imaging technology using a digital sensor.

* PEACE: — President Barack Obama for “his extraordinary efforts to strengthen international diplomacy and cooperation between peoples.” The Norwegian Nobel Committee’s decision drew praise, derision and plenty of puzzlement.

* CHEMISTRY: — Ada Yonath, an Israeli, and Venkatraman Ramakrishnan and Thomas Steitz, both Americans, shared the chemistry prize for showing how the ribosome, a kind of protein factory, translates the genetic code of DNA into proteins that do the work inside cells. “As ribosomes are crucial to life, they are also a major target for new antibiotics,” the Nobel Committee said.



2 Responses to “US Duo Share Nobel Economics Award”

  1. zflynn on October 12th, 2009 12:48 pm

    NEWS ALERT! The Nobel Committee has announced that the economics award was given prematurely but rather should have been given to President Obama because:
    1) His promises to “do good” for the economy
    2) The fact that he can figure out the change you owe him when he gives you a dollar at the 99 cent store and
    3) He is able to read these three reasons in their correct numerical order.

  2. chris on October 13th, 2009 5:01 pm

    Congratulations to both.

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