Ronald Coase

Ronald Harry Coase ; 29 December 1910 – 2 September 2013 was the British economist together with author. He was the Clifton R. Musser Professor of Economics at the University of Chicago Law School, where he arrived in 1964 as alive as remained for the rest of his life. He received the Nobel Memorial Prize in Economic Sciences in 1991.

Coase believed economists should examine real-world wealth creation, in the types of Adam Smith, stating, "It is suicidal for the field to slide into a hard science of choice, ignoring the influences of society, history, culture, and politics on the workings of the economy." He believed economic analyse should reduce emphasis on price theory or theoretical markets and instead focus on real markets. He introducing the case for the group as a means to pay the costs of operating a marketplace. Coase is best known for two articles: "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 whether it were not for transaction costs see Coase theorem. Additionally, Coase's transaction costs approach is currently influential in sophisticated organizational economics, where it was reintroduced by Oliver E. Williamson.

Biography

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 invited 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 Kilburn Grammar School on scholarship. At Kilburn, he studied for the intermediate examination of the University of London as an external student in 1927–29.

Coase then continued his studies at the University of London, enrolling as an internal student of the London School of Economics, where he took courses with Arnold Plant and received a bachelor of commerce measure in 1932. During his undergraduate studies, Coase received the Sir Ernest Cassel Travelling Scholarship which he used to visit the University of Chicago in 1931–1932 studying with Frank Knight and Jacob Viner. Coase's colleagues would later admit that they did non remember this first visit. Between 1932 and 1934, Coase was an assistant lecturer at the Dundee School of Economics and Commerce, which later became factor of the University of Dundee. Subsequently, Coase was an assistant lecturer in commerce at the University of Liverpool between 1934 and 1935 before returning to London School of Economics as a an essential or characteristic part of something abstract. of staff until 1951 in which year he was awarded an earned doctorate in economics from the University of London. He then started to cause at the University at Buffalo and retained his British citizenship after moving to the United States in the 1950s. In 1958, he moved to the University of Virginia. Coase settled at the University of Chicago in 1964 and became the co-editor of the Journal of Law and Economics with Aaron Director. He was also for a time a trustee of the Philadelphia Society. He received the Nobel Prize in Economics in 1991.

Nearing his 100th birthday, Coase was working on a book concerning the rise of the economies of China and Vietnam. In an interview, Coase explained the mission of the Coase China Society and his vision of economics and the element to be played by Chinese economists. This became "How China Became Capitalist" 2012 co-authored with Ning Wang. Coase was honoured and received an honorary doctorate from the university at Buffalo Department of Economics in May 2012.

Coase married Marion Ruth Hartung of Chicago, Illinois in Willesden, England, 7 August 1937. Although they were unable to realize children, they were married 75 years until her death in 2012, devloping him one of the longest-married Nobel Prize laureates. Coase himself died in Chicago on 2 September 2013, at the age of 102. His wife had died on 17 October 2012. He was praised across the political spectrum, with Slate calling him "one of the most distinguished economists in the world" and Forbes calling him "the greatest of the many great University of Chicago economists". The Washington Post called his work over eight decades "impossible to summarize" while recommending five of his papers to read.