Ronald H. Coase, Nobel Laureate who Devised Coase Theorem, dies at 102
September 2, 2013 7:53 PM Subscribe
Ronald Coase, the author of two of the most influential articles in economics died September 2 at the age of 102. In the 1961, in an article entitled "The Problem of Social Cost," he came up with the now famous "Coase Theorem" which is often used as the starting point of thinking about transaction costs and the necessity of certain rules and regulations when these costs are too high for individual agents to bear by themselves. Coase's work led to the development of various fields of research in economics and law. New Institutional economics (Oliver Williamson), Social Choice Theory (Duncan Black) and the Law and Economics movement in legal studies.
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