"We should continue to use simple models where they capture enough of the core underlying structure and incentives that they usefully predict outcomes. When the world we are trying to explain and improve, however, is not well described by a simple model, we must continue to improve our frameworks and theories so as to be able to understand complexity and not simply reject it."
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Nobel laureates from the United StatesPeople from Los AngelesEconomists from the United StatesNobel laureates in EconomicsUniversity of California, Los Angeles alumni
Original Language: English
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(2009) "Nobel Prize Lecture", December 8.
https://en.wikiquote.org/wiki/Elinor_Ostrom
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Elinor Ostrom
Elinor "Lin" Ostrom (August 7, 1933 – June 12, 2012) was an American political economist, whose work was associated with the new institutional economics and the resurgence of political economy. In 2009, she shared the Nobel Memorial Prize in Economic Sciences with Oliver E. Williamson.
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