elinorostrom

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Women Making History in Economics: Elinor Ostrom

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.

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Elinor Ostrom’s work on Governing The Commons: An Appreciation

blogs.lse.ac.uk

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The Four Universal Principles
  1. Accountability - The government and private actors are accountable under the law
  2. Just Law - The law is clear, publicized, and stable and is applied evenly
  3. Open Government - The processes by which the law is adopted, administered, adjudicated, and enforced are accessible, fair, and efficient
  4. Accessible and Impartial Justice - Justice is delivered timely by competent, ethical, and independent representatives and neutrals

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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