The Nobel Prize in Economic Sciences 2009 went today to a couple of American profs — Elinor Ostrom (at Indiana U. and the first woman to win!) and Oliver Williamson (a Berkeleyite).  According to the Royal Swedish Academy of Sciences, both "Laureates have been instrumental in establishing economic governance as a field of research."

Dr. Williamson's work caught Blawgletter's eye because it looks to reflect an antitrust-friendly view of corporate bigness.  As the Academy summarized the professor's work:

Large corporations may of course abuse their power.  They may for instance participate in undesirable political lobbying and exhibit anticompetitive behavior.  However, according to Williamson's analysis, it is advisable to regulate such behavior directly rather than through policies that limit the size of corporations.

We can't tell what Dr. Williamson means by regulating "directly" but suspect that he favors active use of antitrust law to prevent, stop, remedy, and punish abuses of market power by dominant firms.  Good.