Ronald Coase
Ronald Coase
Ronald Harry Coasewas a British economist and author. He was for much of his life the Clifton R. Musser Professor Emeritus of Economics at the University of Chicago Law School, where he arrived in 1964 and remained for the rest of his life. 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...
NationalityBritish
ProfessionEconomist
Date of Birth29 December 1910
people
People have used my views for purposes which are very different from mine.
changes cost increase organizing reduce size telephone tend
Changes like the telephone and telegraphy, which tend to reduce the cost of organizing spatially, will tend to increase the size of the firm.
among counted great known life nor number walked
In my long life, I have known some great economists, but I have never counted myself among their number nor walked in their company.
I'm no enthusiast for the Coase Theorem. I don't like it, but it's widely used.
determines owns
The law of property determines who owns something, but the market determines how it will be used.
cost establish firm main mechanism obvious prices production profitable relevant seem using
The main reason why it is profitable to establish a firm would seem to be that there is a cost of using the price mechanism. The most obvious cost of 'organizing' production through the price mechanism is that of discovering what the relevant prices are.
calling way description
Ronnie had it right calling it Torture. That is a much more accurate description the way I see it.
hate data people
I hate when people ask me to: "Massage the data".
entrepreneur cost may
A firm consist of the system of relationships which comes into existence when the direction of resources is dependent on an entrepreneur... As a firm gets larger, there may be decreasing returns to the entrepreneur function, that is, the costs of organizing additional transactions within the firm may rise.
organization alternatives movement
It is clear that these are alternative methods of co-ordinating production. Yet, having regard to the fact that, if production is regulated by price movements, production could be carried on without any organization at all might we ask, why is there any organization?
entrepreneur movement complicated
Outside the firm, price movements direct production, which is co-ordinated through a series of exchange transactions on the market. Within a firm, these market transactions are eliminated and in place of the complicated market structure with exchange transactions is substituted the entrepreneur-co-ordinator, who directs production.
horse looks study
If economists wished to study the horse, they wouldn’t go and look at horses. They’d sit in their studies and say to themselves, ‘What would I do if I were a horse?’
silly may youth
In my youth it was said that what was too silly to be said may be sung. In modern economics it may be put into mathematics.
strong taken ignorance
We must first note that economic factors are taken into account in a world in which ignorance, prejudice, and mental confusion, encouraged rather than dispelled by the political organization, exert a strong influence on policy making.