The Nobel Prize in Economic this year has been awarded to two economists: Elinor Ostrom and Oliver Williamson for their research in outside the market forces.
Ostrom is the first woman to receive the award. A professor at Indiana University, she won the Nobel "for her analysis of economic governance, especially the commons," according to the Royal Swedish Academy of Sciences press release.
Climate change is an issue Ostrom believes can't wait for government regulation to solve.
Her research shows that people can develop sophisticated mechanisms for decision-making and rule enforcement to handle conflicts of interest. In other words, it's possible for citiziens to work collectively to solve problems outside of the marketplace and without the need for government regulation.
