The Nobel Memorial Prize in Economic Sciences was given to its laureates over 80 times, with Ostrom and Duflo as the only female awardees.
Growing up, American political economist Elinor Ostrom was challenged by the walls of gender stereotypes; nonetheless, being a woman did not stop her from setting a new milestone in economics.
She was recognized for her scholarly work that addressed the economic dilemma, “tragedy of the commons.” Her analysis on economic governance led her not to win an award, but also to reveal methods on how community members can manage and share their common resources.
The four universal principles constitute a working definition of the rule of law. These were developed in accordance to internationally accepted standards and norms.
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