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)
“I hope there will be no effort to put up a shaft or any monument of that sort in memory of me or of the other women who have given themselves to our work. The best kind of a memorial would be a school where girls could be taught everything useful that would help them to earn an honorable livelihood; where they could learn to do anything they were capable of, just as boys can. I would like to have lived to see such a school as that in every great city of the United States.”
—Susan B. Anthony (1820–1906)
“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 American suffrage movement has been, until very recently, altogether a parlor affair, absolutely detached from the economic needs of the people.”
—Emma Goldman (1869–1940)
“All cultural change reduces itself to a difference of categories. All revolutions, whether in the sciences or world history, occur merely because spirit has changed its categories in order to understand and examine what belongs to it, in order to possess and grasp itself in a truer, deeper, more intimate and unified manner.”
—Georg Wilhelm Friedrich Hegel (1770–1831)