While the original work on the tragedy of the commons concept suggested that all commons were doomed to failure, they remain important in the modern world. Work by later economists has found many examples of successful commons, and Elinor Ostrom won the Nobel Prize for analysing situations where they operate successfully.[17][14] For example, Ostrom found that grazing commons in the Swiss Alps have been run successfully for many hundreds of years by the farmers there.[18]
Ostrom's law
Ostrom's law is an adage that represents how Elinor Ostrom's works in economicschallenge previous theoretical frameworks and assumptions about property, especially the commons. Ostrom's detailed analyses of functional examples of the commons create an alternative view of the arrangement of resources that are both practically and theoretically possible. This eponymous law is stated succinctly by Lee Anne Fennell as:
A resource arrangement that works in practice can work in theory.[42]
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