Nepal and the Nobel Prize

This year one very un-fashion icon looking lady, Elinor Ostrom, shared in the Nobel Prize for Economics. “The central theme of Ostrom’s work (she is the first woman to receive the Nobel prize in economics),is the governance of ’common resource pools’ such as pastures, fisheries or forests to which more than one person has access. Unlike pure public goods such as the atmosphere, where one persons use does not reduce the amount available to others, people deplete these resources when they use them. Standard economic models predict that in the absence of clearly defined property rights, such common resources will