Elinor Claire “Lin” Ostrom (née Awan; August 7, 1933 – June 12, 2012) was an American political scientist and political economist[1][2][3] whose work was associated with New Institutional Economicsand the resurgence of political economy.[4]In 2009, she was awarded the Nobel Memorial Prize in Economic Sciences for her “analysis of economic governance, especially the commons”, which she shared with Oliver E. Williamson; she was the first woman to win the prize.[5]

While the original work on the tragedy of the commons concept suggested that all commons were doomed to failure, they remain important in the modern world. Work by later economists has found many examples of successful commons, and Elinor Ostrom won the Nobel Prize for analysing situations where they operate successfully.[17][14] For example, Ostrom found that grazing commons in the Swiss Alps have been run successfully for many hundreds of years by the farmers there.[18]

Ostrom’s law

Ostrom’s law is an adage that represents how Elinor Ostrom’s works in economicschallenge previous theoretical frameworks and assumptions about property, especially the commons. Ostrom’s detailed analyses of functional examples of the commons create an alternative view of the arrangement of resources that are both practically and theoretically possible. This eponymous law is stated succinctly by Lee Anne Fennell as:

A resource arrangement that works in practice can work in theory.[42]