Nobel Prize in Economics for NIE scholars: Ostrom and Williamson

As Paul Krugman writes, the Nobel Prize in Economics, by going to Elinor Ostrom and Oliver Williamson, this year recognizes New Institutional Economics (though I was surprised that Krugman was not familiar with Ostrom, as was this commentator, perhaps because in my experience schools in the UK show more appreciation of NIE than I think is true in US schools).  The NYTimes article reporting the award can be found here.  More interesting debate on how economists will react to the award is here.  Personally, I like Ostrom’s work and am happy about her getting recognized.