Saddle up, economics aficionados! We’re about to embark on an exciting adventure through the life and work of Elinor Ostrom, a pioneering economist who broke new ground in the study of resource management and governance. As we trot through her remarkable career, let’s enjoy a bit of equine humor, because as we all know, a day without laughter is like a horse without a neigh!
Elinor Claire Awan was born on August 7, 1933, in Los Angeles, California. Raised during the Great Depression, young Elinor learned the value of perseverance and hard work – traits that would serve her well throughout her career. She began her academic journey at UCLA, where she earned a bachelor’s degree in political science in 1954. Like a trusty steed, she pressed onward, obtaining a master’s degree in 1962 and a Ph.D. in 1965.
Ostrom’s career in academia took her to Indiana University, where she would remain for the majority of her professional life. It was here that she co-founded the Workshop in Political Theory and Policy Analysis with her husband, Vincent Ostrom. This interdisciplinary research center would become the birthplace of many of Elinor’s groundbreaking ideas.
Elinor Ostrom’s research focused on the management of common-pool resources (CPRs), such as forests, fisheries, and water systems. Challenging the conventional wisdom of the “tragedy of the commons” – the idea that shared resources are inevitably doomed to overexploitation – Ostrom demonstrated that communities are often capable of managing these resources sustainably through collective action. Like a skilled jockey guiding her mount, Ostrom showed that under the right conditions, communities could steer clear of the tragedy of the commons and maintain their shared resources for generations to come.
One of Ostrom’s most significant contributions to the field of economics is her identification of the principles that underlie successful CPR management. In her 1990 book, “Governing the Commons: The Evolution of Institutions for Collective Action,” she outlined eight design principles that characterize effective, long-lasting resource management institutions. These principles have been widely adopted by scholars and practitioners alike, shaping policy decisions and informing the study of resource governance across the globe.
Ostrom’s groundbreaking work earned her the 2009 Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, making her the first and, to date, only woman to receive this prestigious award. This crowning achievement was the equivalent of winning the Kentucky Derby of economics, and it firmly established Ostrom as a trailblazing figure in the field.
Throughout her life, Elinor Ostrom remained an engaged and prolific scholar. She authored or co-authored numerous books and articles, and her work has been cited tens of thousands of times by researchers in various disciplines. In addition to her contributions to the study of CPRs, Ostrom also conducted research on climate change, urban governance, and institutional analysis.
Sadly, Elinor Ostrom passed away on June 12, 2012, at the age of 78. However, her legacy lives on through the many scholars and practitioners who have been inspired by her work. As we reach the finish line of our journey through the life and accomplishments of this extraordinary economist, let’s take a moment to appreciate the enduring impact of her contributions to our understanding of resource management and governance. Like a noble steed, Elinor Ostrom has left a lasting hoofprint on the landscape of economics, inspiring us all to gallop towards a more sustainable and equitable future.