Why am I passionate about this?
I was initially drawn to economics as a way to understand and address global problems of poverty and hunger, like those I saw in Africa with the Peace Corps and later as a researcher. As my interests broadened toward environmental and other social problems, again I found that economics provides valuable insights about their causes and possible solutions. Economics is unfortunately often misunderstood and defined too narrowly: but as a social science, it encompasses a broad framework to comprehend individuals, families, cities, nations. It encompasses philosophical thought, normative questions, and intangibles like humans’ desire for respect. After decades as an economics professor I still find its insights fascinating and powerful.
William's book list on economics is much more than the study of the economy
Why did William love this book?
Private property or the commons? Free enterprise or public ownership?
Arguably the most substantive contribution to such debates in the past 50 years has come from Elinor Ostrom for her decades of study of common-pool resource management.
From case studies around the world and from centuries past, she proves that collective ownership need not end in a “tragedy of the commons,” but can succeed.
In work that won her the Nobel Prize in Economics (she is a political scientist) studying community-managed fisheries, forests, grazing lands, and watersheds, Ostrom describes and evaluates successes and failures in great detail and with attention to the role of rules, monitoring, and enforcement, and leadership, in determining the kinds of governance that are most likely to succeed.
3 authors picked Governing the Commons as one of their favorite books, and they share why you should read it.
The governance of natural resources used by many individuals in common is an issue of increasing concern to policy analysts. Both state control and privatization of resources have been advocated, but neither the state nor the market have been uniformly successful in solving common pool resource problems. After critiquing the foundations of policy analysis as applied to natural resources, Elinor Ostrom here provides a unique body of empirical data to explore conditions under which common pool resource problems have been satisfactorily or unsatisfactorily solved. Dr Ostrom uses institutional analysis to explore different ways - both successful and unsuccessful - of…