Coase, Ronald

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Name
Coase, Ronald Gender: M
Ronald Harry Coase
born on 29 December 1910 at 15:25 (= 3:25 PM )
Place London, England, 51n30, 0w10
Timezone GMT h0e (is standard time)
Data source
Quoted BC/BR
Rodden Rating AA
Collector: Scholfield
Astrology data s_su.18.gif s_capcol.18.gif 07°04' s_mo.18.gif s_sagcol.18.gif 14°39 Asc.s_cancol.18.gif 01°13'



Biography

British economist and author. He was the Clifton R. Musser Professor Emeritus of Economics at the University of Chicago Law School. 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, 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). Coase is also often referred to as the "father" of reform in the policy for allocation of the electromagnetic spectrum, based on his article "The Federal Communications Commission" (1959), where he criticises spectrum licensing, suggesting property rights as a more efficient method of allocating spectrum to users. Additionally, Coase's transaction costs approach is currently influential in modern organizational economics, where it was reintroduced by Oliver E. Williamson.

Coase died in Chicago, Illinois on 2 September 2013.

Link to Wikipedia biography

Events

  • Work : Prize 1991

Source Notes

Sy Scholfield quotes Torsten Persson's book, "Nobel Lectures in Economic Sciences 1991-1995" (1997), p. 7: "RONALD H. COASE: My father, a methodical man, recorded in his diary that I was born at 3:25 pm on December 29th, 1910 ... in London."

Categories

  • Vocation : Business : Economist
  • Vocation : Writers : Textbook/ Non-fiction
  • Notable : Awards : Nobel prize