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)
“The true runner comes to the finish and receives the prize and is crowned.”
—Plato (c. 427–347 B.C.)
“Just as men must give up economic control when their wives share the responsibility for the family’s financial well-being, women must give up exclusive parental control when their husbands assume more responsibility for child care.”
—Augustus Y. Napier (20th century)
“These modern ingenious sciences and arts do not affect me as those more venerable arts of hunting and fishing, and even of husbandry in its primitive and simple form; as ancient and honorable trades as the sun and moon and winds pursue, coeval with the faculties of man, and invented when these were invented. We do not know their John Gutenberg, or Richard Arkwright, though the poets would fain make them to have been gradually learned and taught.”
—Henry David Thoreau (1817–1862)