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
importance structure system
What I have done is to show the importance for the working of the economic system of what may be termed the institutional structure of production.
I've been wrong so often, I don't find it extraordinary at all.
activity adam analysis centuries correct errors fill gaps main seems since vastly wealth
During the two centuries since the publication of 'The Wealth of Nations,' the main activity of economists, it seems to me, has been to fill the gaps in Adam Smith's system, to correct his errors and to make his analysis vastly more exact.
allow multiple occupy parties technology
Technology is at a point where we should allow multiple parties to occupy the same spectral space.
assume business buys dealing firm operating roughly sells
Roughly speaking, when you are dealing with business firms operating in a competitive system, you can assume that they're going to act rationally. Why? Because someone in a firm who buys things at $10 and sells them for $8.00 isn't going to last very long in that firm.
consumer family
You get more irrationality within the family and in consumer behavior than you get, say, in the behavior of firms in their purchases.
abstract analyze bring business constant consumers economists guidance low managers novel offer products
The tools used by economists to analyze business firms are too abstract and speculative to offer any guidance to entrepreneurs and managers in their constant struggle to bring novel products to consumers at low cost.
analysis positive regard stepping tend theorem
I tend to regard the Coase theorem as a stepping stone on the way to an analysis of an economy with positive transaction costs.
art commonly despite efforts existing given paintings time
Despite all the efforts of art dealers, the number of Rembrandts existing at a given time is limited; yet such paintings are commonly disposed of by auction.
business classroom currently economics less presented taught textbooks
Economics as currently presented in textbooks and taught in the classroom does not have much to do with business management, and still less with entrepreneurship.
economists firm importance prompt role
There is no doubt that the recognition by economists of the importance of the role of the firm in the functioning of the economy will prompt them to investigate its activities more closely.
bad cheaper good people producing seen
The pollution problem is always seen as someone who was doing something bad that has to be stopped. To me, pollution is doing something bad and good. People don't pollute because they like polluting. They do it because it's a cheaper way of producing something else.
You wouldn't think there was a need for a Coase Theorem, really.
doubtful forget great importance john supported whether work
You should not forget that without all the work in law and economics, a great part of which has been supported by the John M. Olin Foundation, it is doubtful whether the importance of my work would have been recognized.