Nobel Memorial Prize in Economic Sciences
In 2009, the Royal Swedish Academy of Sciences cited Williamson and Elinor Ostrom to share the 10-million Swedish kronor (£910,000; $1.44m) prize. They were awarded the "prize for their separate work in economic governance." Williamson, in the BBC's paraphrase of the academy's reasoning, "developed a theory where business firms served as structures for conflict resolution." He has argued that hierarchical organizations, such as companies, represent alternative governance structures, which differ in their approaches to resolving conflicts of interest.
Read more about this topic: Oliver E. Williamson
Famous quotes containing the words nobel, memorial, prize, economic and/or sciences:
“Parents can fail to cheer your successes as wildly as you expected, pointing out that you are sharing your Nobel Prize with a couple of other people, or that your Oscar was for supporting actress, not really for a starring role. More subtly, they can cheer your successes too wildly, forcing you into the awkward realization that your achievement of merely graduating or getting the promotion did not warrant the fireworks and brass band.”
—Frank Pittman (20th century)
“When I received this [coronation] ring I solemnly bound myself in marriage to the realm; and it will be quite sufficient for the memorial of my name and for my glory, if, when I die, an inscription be engraved on a marble tomb, saying, “Here lieth Elizabeth, which reigned a virgin, and died a virgin.””
—Elizabeth I (1533–1603)
“In the corrupted currents of this world
Offence’s gilded hand may shove by justice,
And oft ‘tis seen the wicked prize itself
Buys out the law; but ‘tis not so above:
There is no shuffling.”
—William Shakespeare (1564–1616)
“The bourgeois takes economic power very seriously, and often worships it quite unselfishly.”
—Nicolai A. Berdyaev (1874–1948)
“Indubitably, Magick is one of the subtlest and most difficult of the sciences and arts. There is more opportunity for errors of comprehension, judgement and practice than in any other branch of physics.”
—Aleister Crowley (1875–1947)