1953–1957: From the Peak of the Clinch to the Thaw The First Nobel Prize for the USSR

The method of analyzing and modeling cyclical fluctuations of economy initiated by F. Kydland and E. Prescott - the 2004 Nobel Prize winners in Economics - is considered in the article. They proposed a new business cycle theory integrating the theory of long-run economic growth as well as the microeconomic theory of consumers and firms behavior. Simple version of general dynamic and stochastic macroeconomic model is described. The given approach which was formulated in their fundamental work "Time to Build and Aggregate Fluctuations" (1982) gave rise to an extensive research program and is still used as a basic instrument for investigating cyclical processes in economy nowadays.

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Beyond Market: Institutions of Governance in the Complex World (Nobel Memorial Prize in Economics 2009 - Oliver Williamson and Elinor Ostrom)

Voprosy Ekonomiki ◽

10.32609/0042-8736-2010-1-82-98 ◽

2010 ◽

pp. 82-98 ◽

Cited By ~ 4

Author(s):

Ya. Kuzminov ◽

M. Yudkevich

Keyword(s):

Economic Theory ◽

Behavioral Economics ◽

Nobel Prize ◽

Organization Theory ◽

Development Studies ◽

Complex World ◽

Market Institutions ◽

Institutional Economic

The article surveys the main lines of research conducted by Oliver Williamson and Elinor Ostrom - 2009 Nobel Prize winners in economics. Williamsons and Ostroms contribution to understanding the nature of institutions and choice over institutional options are discussed. The role their work played in evolution of modern institutional economic theory is analyzed in detail, as well as interconnections between Williamsons and Ostroms ideas and the most recent research developments in organization theory, behavioral economics and development studies.

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