Elinor Ostrom Nobel Prize in Economics Lecture

Elinor Ostrom, co-recipient of the 2009 Nobel Prize in Economic Sciences and Arthur F. Bentley Professor of Political Science at Indiana University Professor, presents an updated version of her Nobel Prize lecture for an Indiana audience.
This talk was given on February 16,2010

[@andrewprice8820]

21:00 Whoa that is really radical stuff!!! Really puts the legitimacy of the state itself to the test.

[@traxtube87]

She was amazing, trully insirational

[@PrajwalPandey-wn3tr]

trully insirational

[@silphy2677]

15:16, you will thank me later.

[@anusingh5841]

Thank you

[@am8115]

That was one long intro

[@JeremyHelm]

Nah, I wouldn't have wanted to miss this morsel about the nature of scholarly competition: 4:13

[@Doremon-cy5js]

Thanks

[@jasonmiramontes5839]

I love you

[@JeremyHelm]

17:47 "panaceas are dysfunctional" It's one of those tight statements that can come off as oxymoronic, although in this case it's when this becomes self-referential

[@SourovKabirII]

u think panaceas are functional?

[@joeljere4385]

Great achievement

[@AshokKumar-lv1ef]

I got a new way to see the things.

[@am8115]

I don't understand this but it seems cool

[@skyler4517]

The commons are a wonderful thing

[@nthperson]

There is only one fundamental flaw in the economic models developed based on neo-classical economic theory. This flaw is the assertion (assumption) that nature (what Smith, Ricardo, Marx, Mill, etc. termed "land") has the same characteristics as tangible, produced goods (i.e., capital goods). Nothing could be less true. Land has a zero cost of production in terms of labor and capital goods application, even if because Ricardian rent is left in private hands this imputed or actual income stream is capitalized into a selling price for land. A model that assumes the full societal collection of the potential annual rental value of all locations, all other natural assets (e.g., frequencies on the broadcast spectrum, paths occupied by satellites circling the planet, or even take-off and landing slots at airports), assets with a natural or artificially-created inelastic supply. in such a world, land prices would fall close to zero and the rental value of locations would be set by competitive market conditions not skewed by speculation and hoarding. This short paragraph above describes what actually occurs with regard to human behavior. As Henry George observed over a century ago, we consistently attempt to satisfy our desires with the least exertion possible. Thus, we exhibit a strong tendency to also attempt to monopolize natural opportunities. Economies function equitably under just law, justly enforced. It would be helpful if the economics professionals undertook an objective and scientifically-based examination of what policies contribute to these outcomes. Edward J. Dodson, Director School of Cooperative Individualism www.cooperative-individualism.org

[@ramkumarr1725]

I do not understand what you are saying although it seems very deep. If we do terra forming of land on Mars, will it not have capital and labor inputs? Maybe it is too hypothetical. Forgive my ignorance.

[@nthperson]

@@ramkumarr1725 Asking questions is the first sign of a keen intellect. At least I hope so, since I have never stopped asking questions my entire life. If humans ever attempt to migrate to Mars or any other planet, the most important challenge will be to establish the rules of settlement and property rights. The political economists I referred to, adding the American Henry George to this list as the most definitive on the issues, all argued that nature is our commons, the birthright of all persons equally. Our history in every society except those who live a basic tribal existence is one of assumption by an elite subgroup of control over the access to land and natural resources. What this amounts to is a theft of the commons, dooming some portion of a people to generation after generation of poverty.

[@ramkumarr1725]

@@nthperson Thanks. 🙏👍

[@erlingandersen8008]

there is no nobel price in economic

[@niteshshrestha1074]

what?

[@andrewprice8820]

nitesh shrestha Maaan the trolls aren't even trying anymore

[@SourovKabirII]

Only stupids mention this.

[@robertsteinberger5667]

I wonder if no ecologists are needed to see if these communities really manage resources sustainably and whether in reality many resources have gone lost forever. Isnt she too romantic about cpr?

[@AshokKumar-lv1ef]

You can learn institutional analysis from her.

[@nicolecasey2243]

She says repeatedly that this is not a panacea and should not be applied in every situation, only that we shouldn't restrict activity (e.g. with laws) so much as to exclude these types of situations especially in situations where they are existing productively.