Congratulations to Elinor Ostrom and Oliver Williamson for receiving the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2009, aka, the Nobel Prize in Economics. When I saw the early odds on this prize last week, I was skeptical of the efficient markets candidates. Bad timing for that crowd. On the other hand, Williamson and Ostrom were both listed near the bottom of a very long list at 50/1.
Frankly, I was surprised by this award, too, as I am told that the demand for people who specialize in transaction-cost economics has been in decline in management departments. Nevertheless, I find it very useful in thinking about corporate governance and contracting, as do many people in law.
Recently I was honored to be asked by Peter Klein (Williamson's last Ph.D student, who writes at the excellent blog, Organizations and Markets) to contribute an essay on The Legal Precursors of Transaction Cost Economics to his edited volume on TCE. The essay is not very demanding, but you might find it interesting if you are interested in transactions and contracting.
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