Nobel for New Institutional Economics - its the people, stoopid!

The Nobel Committee has finally recognized Oliver Williamson's ground-breaking work on corporations, and their role in 'conflict resolution' in markets - extraordinarily important work in net neutrality - how else can you explain the games regulators play with the likes of Verizon, Vodafone or BT?

These markets are so flawed that you need his insights to make sense of the 'competitive' landscape (sic). That doesn't mean I always agree with him, notably his 'efficiency defence' in antitrust mergers.

Paul Krugman's always excellent blog explains in a bit more economically literate terms...(yes he's arrogant but he has good reason...)

And here's some more - presentations on NIE's contribution to telecoms policy understanding and more here - organised by the now-Department of Justice expert Phil Weiser.