Friday, 30 December 2011

Happy birthday Ronald Coase

Coase was born at 3:25 p.m. on December 29th, 1910 in a house in Willesden, a suburb of London so he now a young and sprightly 101!

Coase received the 1991 Sveriges Riksbank (Bank of Sweden) Prize in Economic Sciences in Memory of Alfred Nobel
“for his discovery and clarification of the significance of transaction costs and property rights for the institutional structure and functioning of the economy”
In its press release on Coase’s Nobel award, The Royal Swedish Academy of Sciences makes mention of only two papers: "The Nature of the Firm" and "The Problem of Social Cost". It is largely on these two contributions to the theory of the firm and the theory of externalities that Coase’s rightful claim to be the greatest economist of the 20th century is based.

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