On Monday, two American economists won the Nobel Prize in economics.
Read about it here at CNN.
Notably, Professor Elinor Ostrom (Indiana University) won the award for her work on governance of common property resources.
Check out this short YouTube video (a little over 8 minutes) for her take on the issue.
Her opposition to "top down" control,
her insistence that it doesn't have to be a "tragedy",
her notion of collective ownership and enforcement of property rights ("who is a member?"),
her push for adaptive management, trust in the other members, the importance of local knowledge and that the diversity of management institutions match the diversity of the resources being governed.
P.S. We'll cover the Gordon model that she references later in the term when we get to fisheries econ.