IU professor wins Nobel economics prize

BLOOMINGTON, Ind. (WISH/AP) - A professor at Indiana University has won the Nobel economics prize for her work in economic governance.

IU professor Elinor Ostrom is the first woman to win the prize since it was founded in 1968.

Her work involves how best to manage natural resources such as forests, fisheries, oil fields, and irrigation systems.

The Royal Swedish Academy of Sciences cited Ostrom Monday "for her analysis of economic governance," saying her work had demonstrated how common property can be successfully managed by groups using it.

"We are trying to understand the robustness of systems that are created. A lot of studies are what happened now. We are in a problem in terms of some of our resources that we have only looked at short term, and we have not looked at the long run. Deforestation, global change, loss of fisheries, all of these things are because of short term rather than long term thinking," said Ostrom.

In a news conference at IU Monday, Ostrom said people discouraged her from seeking a doctorate when she applied for graduate school, but she loved studying economics.

"The advice to me when I applied to graduate school was you have a professional job, why would you try for a PH.D? You can't possibly get a job besides teaching in a city college, and you've got a better job now,” Ostrom said.

The 76-year-old political scientist said she doesn't know exactly how she will spend her share of the $1.4 million in award money but will invest it in her students and "wonderful" colleagues.

Fellow American Oliver Williamson shared the award for separate research.

The 76-year-old political scientist said she doesn't know exactly how she will spend her share of the $1.4 million in award money, but will invest it in her students and "wonderful" colleagues.

Fellow American Oliver Williamson shared the award for separate research.

Ostrom is the fifth woman to win a Nobel award this year -- a Nobel record.

She is the eighth IU professor to win a Nobel award.