Ronald Coase

Date of Birth: December 29, 1910

Zodiac Sign: Capricorn

Date of Death: September 2, 2013

Biography

Ronald Harry Coase was a British economist and author, renowned for his work on transaction costs and property rights, which shaped the field of law and economics. He was born in Willesden, a suburb of London, England. Coase’s career in economics began with his education at the London School of Economics, where he was influenced by the socialist ideas of the time. His early work on the nature of the firm and transaction costs led to groundbreaking papers such as “The Nature of the Firm” (1937) and “The Problem of Social Cost” (1960). These papers introduced concepts that have become foundational in modern economic theory, including what is now known as the Coase Theorem. Coase’s academic career included positions at the University of Buffalo, the University of Virginia, and the University of Chicago Law School, where he was a faculty member from 1964 until his retirement. In 1991, he was awarded the Nobel Memorial Prize in Economic Sciences for his discovery and clarification of the significance of transaction costs and property rights for the institutional structure and functioning of the economy. Coase continued to be active in the field of economics until his death in 2013, leaving behind a lasting legacy that continues to influence economists, legal scholars, and policymakers.

5 Interesting Facts about Ronald Coase

1. Ronald Coase’s seminal work “The Nature of the Firm” was published when he was just 26 years old.

2. He served as the editor of the Journal of Law and Economics from 1964 to 1982.

3. Coase received the Nobel Prize in Economic Sciences at the age of 80.

4. Despite his significant contributions to economics, Coase was known for his modesty and often described himself primarily as a teacher.

5. Coase was a strong advocate for empirical research and believed that economic theories should be tested against real-world data.

5 Most Interesting Quotes from Ronald Coase

1. “If you torture the data long enough, it will confess.”

2. “The purpose of studying economics is not to acquire a set of ready-made answers to economic questions, but to learn how to avoid being deceived by economists.”

3. “Economics, if it is to progress, should be more of an empirical science.”

4. “In my youth, I thought of going into business or becoming a civil servant. I never thought of becoming an academic.”

5. “The firm and the market are not alternatives but rather complements.”