Ronald Coase, Date of Birth, Place of Birth, Date of Death

Ronald Coase

American economist and author

Date of Birth: 29-Dec-1910

Place of Birth: London

Date of Death: 02-Sep-2013

Profession: writer, economist, historian, university teacher

Nationality: United Kingdom

Zodiac Sign: Capricorn

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