Good news: Williamson and Ostrom

So, now it has been decided. Oliver Williamson and Elinor Ostrom have been awarded the Nobel Memorial Prize of the Bank of Sweden. The good news is that they are institutional economists. I have my disagreements with Williamson (I think he over-emphasizes opportunistic behavior), but by and large I think he deserves this, as does Ostrom. I have actually read papers by both of this year’s laureates, which has been unusual in recent years. Admittedly, I have read one or two papers by Krugman too, but I would have been far better off reading a novel or watching a movie.