Elinor Ostrom recently received the Nobel prize in Economic Sciences for her belief in democratic principles of fairness and collectivity.

Ostrom has demonstrated that when decision processes are democratic, governance is more effective and successful. Her theory explains that when a resource benefits a group of people and/or is owned by numerous people, these specific individuals should have the right to manage this resource since they are directly affected. Her design of democratic governance by pooling common resources not only earned Ostrom the award, but also gave her the honor of being the first woman to ever receive an economic Nobel prize.

For more information about Elinor and her award, click here.