American Woman First Female to Win Nobel in Economics

It was double good news for Americans when the Nobel committee announced the winners of the economics prize Monday morning.

The prestigious committee bestowed the coveted prize on two Americans -- Oliver Williamson of UC Berkeley and Elinor Ostrom of Indiana University. Ostrom is the first women ever to win the prize in economics since the honor was first given out in 1968. Hooray!

According to the Associated Press, Ostrom told the committee by phone that she was surprised by the choice. "There are many, many people who have struggled mightily and to be chosen for this prize is a great honor," she said. "I'm still a little bit in shock."

It's been a terrific year for Americans, and an amazing year for women, in the Nobel race. Eleven American citizens, including President Barack Obama, won Nobels this year, and five women have walked away with the prize -- a record.

Ostrom snagged the prize for her work studying the interaction between people and natural resources. Her innovative work demonstrated how common resources can be successfully managed by groups using it. Not bad!

"Elinor Ostrom has challenged the conventional wisdom that common property is poorly managed and should be either regulated by central authorities or privatized," the academy said. "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."

Williamson was honored for his work studying how organizations are structured and how that affects the cost of doing business, as well as conflict resolution in the workplace.

Winners receive 10 million Swedish kronor (about $1.4 million), a gold medal and a diploma from the Swedish king on Dec. 10, the anniversary of Nobel's death in 1896 -- not to mention the eternal envy of their friends, of course.

Congratulations to Ostrom and Williamson for their amazing contributions and for making America proud.

Photo courtesy of Gusme via Wikimedia Commons.