Less formalism in economics, more understanding.

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Russ Roberts discusses here http://cafehayek.com/2009/10/a-turning-point.html how economists across the board are seeing that there are serious deficiencies in the field, and how it is a very exciting time to be an economist. I would add that it is also a very exciting time to be an armchair economist.
Decades ago Ludwig von Mises laid out a comprehensive methodology for approaching economics. It seems to me that it is in this tradition that the Ostroms are crafting their research.
I remember coming across the name back in graduate school in comparative politics. Apparently the work of Elinor Ostrom (and her husband) are more known in that realm. But it is appropriate that she be recognized for her work in economics- her work is a perfect example of what economics should be, indeed what Mises defined the study as, which is the study of things such as the rules that humans follow.

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