Elinor Ostrom won the Nobel Prize for economics with Oliver Williamson.

The work focuses on common property like soil, water and is thinking differently on these problems and the resident idea that the market can solve the allocation of resources.

Are markets real or are they abstract? They don't exist! This work breaks away from the mould of economic thinking is about markets, and gets to the fundamentals of economic thinking about resource use and allocation.

There is something for every political persuasion here. What is apparent, like much thinking and writing at present; they are seeking to strike at the core moral argument as opposed to a short-term monetary solution. I had not come across this work before, brief reading confirms a view I hold, that solutions are more effective if local people endeavour local solutions. This is against the idea that London solves all and that agri-business is good agriculture.

http://www.ft.com/cms/s/0/425ca4f0-ba9a-11de-9dd7-00144feab49a.html

I guess because this wondeful lady is 76 most will think her too old, especially the bbc. However she is capable of education.

I'll take that as a no then

Hi Motley. Seems like the present economic climate has resurrected many ideas about how the greedy capitalists are destroying the world and how the human race is inherently evil and destroying the planet by enjoying a lifestyle which is immoral and wasteful. I have seen all this sort of thing in my lifetime before, as a child I was brought up in the Methodist church,where at that time we were told that fornication, dancing and alcohol would bring down the wrath of the Almighy  and destroy us all,then it was the commies in the 1950s, CND in the 60s, Greenpeace in the 70s and so on ad infinitum. What nobody seems to be saying is what an incredible thing our modern civilisation is and how brilliant mankind is at finding solutions to its problems and long may it continue to do so. Prophets of Doom come and go but mankind usually manages to cope with life ok in the end I believe.

Dick

Motley,  Elinor Ostrom can been seen and heard here giving a short presentation of her common sense work.

http://www.youtube.com/watch?v=ByXM47Ri1Kc&NR=1

There are other short clips on her presentations too. Hopefully her message will be seen by a wider audience as a result of her Nobel prize. Her branch of economics and how the collective responsibilty approach links production:monitoring:research:education into a practical toolkit that can be used to manage production in ways that are sustainable. Key to understanding the power of this is to know that 'trust' and learning to 'trust' other producers and the scientists is as vital as the holistic view and empirical monitoring feedback mechanisms required to deal with the complexities involved.