Ronald Coase
| Ronald Coase | |
|---|---|
 |
|
| Born |
Ronald Harry Coase 29 December 1910 Willesden, London, United Kingdom |
| Died | 2 September 2013 (aged 102) Chicago, Illinois, United States |
| Nationality | British |
| Institution |
University of Dundee University of Liverpool London School of Economics University at Buffalo University of Virginia University of Chicago |
| Field | Law and economics |
| School or tradition |
New Institutional Economics |
| Alma mater | London School of Economics |
| Contributions |
Coase theorem Analysis of transaction costs Coase conjecture |
| Awards | Nobel Prize in Economics (1991) |
| Information at IDEAS / RePEc | |
Ronald Harry Coase (/ˈkoʊs/; 29 December 1910 – 2 September 2013) was a British economist and author. He was for much of his life the Clifton R. Musser Professor Emeritus of Economics at the University of Chicago Law School, where he arrived in 1964 and remained for the rest of his life. After studying with the University of London External Programme in 1927–29, Coase entered the London School of Economics, where he took courses with Arnold Plant. He received the Nobel Prize in Economics in 1991.
Coase, who believed economists should study real markets and not theoretical ones, established the case for the corporation as a means to pay the costs of operating a marketplace. Coase is best known for two articles in particular: "The Nature of the Firm" (1937), which introduces the concept of transaction costs to explain the nature and limits of firms, and "The Problem of Social Cost" (1960), which suggests that well-defined property rights could overcome the problems of externalities (see Coase theorem). Additionally, Coase's transaction costs approach is currently influential in modern organizational economics, where it was reintroduced by Oliver E. Williamson.
Ronald Harry Coase was born in Willesden, a suburb of London, on 29 December 1910. His father, Henry Joseph Coase (1884–1973) was a telegraphist for the post office, as was his mother, Rosalie Elizabeth Coase (née Giles; 1882–1972), before marriage. As a child, Coase had a weakness in his legs, for which he was required to wear leg-irons. Due to this problem, he attended the school for physical defectives. At the age of 12, he was able to enter the Kilburn Grammar School on scholarship. At Kilburn, Coase completed the first year of his BComm degree and then passed on to the University of London. Coase married Marion Ruth Hartung of Chicago, Illinois in Willesden, England, 7 August 1937.
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