"…Ms. Ostrom “has challenged the conventional wisdom that common property is poorly managed and should be either regulated by central authorities or privatized. Based on numerous studies of user-managed fish stocks, pastures, woods, lakes, and groundwater basins, Ostrom concludes that the outcomes are, more often than not, better than predicted by standard theories.”
People, all on their own, are capable of figuring out how to cooperate to everyone’s benefit, even "competitors" in the marketplace. Who’d a thunk it?
At least Ms. Ostrom, along with Oliver E. Williamson are granted the Nobel in Economics for honestly accomplishing something, even if Austrian Economists have worked from this position for decades. In other words, this is new information for progressives, who dominate the current economic elitists making policy in Washington and socialist Europe.
See NY Times Article: http://www.nytimes.com/2009/10/13/business/economy/13nobel.html?bl
