Category Archives: Ostrom
The economists who dominate graduate school education have a lot they could learn about how to provide competent economic explanations from the most recent winner of the Nobel Prize in economics.
[What was the most important theoretical breakthrough in economic science?] Of course, Adam Smith brought about a breakthrough. It is impossible to exaggerate his importance. Also, in the 20th century, the theories of John Maynard Keynes and Friedrich Hayek. — Edmund Phelps