Ostrom on coop management of commons

Elinor Ostrom received Nobel Prize in economics in 2009 for innovative work on how common resources can be cooperatively managed under the proper conditions.

Powerline

Ostrom shows

that “common poll resources” can be managed as a stable asset, provided that: they are managed by a local community; those with a right to them are clearly identified and others clearly excluded; there is a system of sanctions in place to punish misappropriation and abuse; there is a collective decision-making process with easily accessible procedures for resolving conflict; and the rights of the community are recognized by higher-level authorities. Ostrom’s far-ranging examples are of great relevance to issues of planning and local government. For they show how, when sufficiently localized, a common resources can be managed from below, by the people who share it, and within a broader regime of private property.