Elinor Ostrom, the only woman to be awarded the Nobel Prize for Economics died on June 12 in Indiana. According to various press reports, Ostrom shocked her peers when she was catapulted to fame, because, in a field mostly dominated by men, she reached well beyond the usual mathematical modeling of economists.
Ostrom’s best-known research was on the management of the commons. As noted in Slate, “Standard economic thinking about commons focuses on the idea of a ‘tragedy of the commons’…” According to many economists, individuals acting in their own self-interest, would ultimately deplete a resource like a common pasture, which is open to everyone. This idea was used to demonstrate the need for government regulation or control by private industry.