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
real air world
Existing economics is a theoretical system which floats in the air and which bears little relation to what happens in the real world.
thinking cost facts
In fact, a large part of what we think of as economic activity is designed to accomplish what high transaction costs would otherwise prevent or to reduce transaction costs so that individuals can negotiate freely and we can take advantage of that diffused knowledge of which Friedrich Hayek has told us.
data voice giving
Data can't speak for itself; it's up to you to give it a voice. Try to speak truthfully.
horse real years
Economics, over the years, has become more and more abstract and divorced from events in the real world. Economists, by and large, do not study the workings of the actual economic system. They theorize about it. As Ely Devons, an English economist, once said in a meeting: 'If economists wanted to study the horse, they wouldn't go around and look at horses. They'd sit in their studies and say to themselves, `What would I do if I were a horse?' '
truth knowledge data
If you torture the data long enough, it will confess.
agriculture regulation study
I can't remember [of a good regulation]. Regulation of transport, regulation of agriculture — agriculture is a, zoning is z. You know, you go from a to z, they are all bad. There were so many studies, and the result was quite universal: The effects were bad