By Meena Kar,
New York, Oct 12, (THAINDIAN NEWS) Oliver Willamson and Elinor Ostrom will share the sum of 1.4 million dollars or 10 million Swedish kronor as they have been jointly honored as the recipient of 2009 Nobel Prize in the field of Economics. The Nobel Prize Committee has honored the two economists of the United States for their outstanding achievement in their respective fields.

In a speech, the Royal Swedish Academy of Sciences in Stockholm, stated that Elinor Ostrom has given the demonstration on the ways by which the associations can make use of the common property. Referring to Oliver Willamson’s works, the Academy stated he has, “developed a theory where business firms serve as structures for conflict resolution.”

The award had been declared on the morning of October 12th which is celebrated as the Columbus Day in the USA. This year, the first Afro-American President of the country, Barack Obama won the Nobel Prize for peace. Nobel laureate Elinor Ostrom and Oliver E. Williamson will now share the stand with other world famous economists who had received the Nobel Prize in the past years. Oliver E. Williamson was a professor at California Berkley University. His works in economics has provided several assistance to higher finance classes. The other recipient of the same award Elinor Ostrom is still a professor of Indiana University.

Last year, the United States had dealt with severe economic crisis. Now the country can expect to have a better economic condition with the help of their economists who were honored with Nobel Prize.

Elinor Ostrom was surprised when she came to know about the award. She said, “I’m still a little bit in shock.”