This undated photo provided by the University of Chicago Law School shows professor Ronald Coase. Coase, a Nobel Prize winner and pioneer in applying economic theory to the law, died Monday, Sept. 2, 2013, after a short illness at a Chicago hospital. He was 102. He was the oldest living Nobel laureate before his death. The British-born economist won the Nobel in economics in 1991. (Uncredited, Associated Press)
Ronald H. Coase, a Nobel Prize winning economist, died on Monday in Chicago at the age of 102.
According to the New York Times, one of Coase’s papers, “The Nature of the Firm,” “revolutionized economists’ understanding of why people create companies and what determines their size and scope.”
In addition, A Fine Theorem states that Coase is best known for two statements: “that transaction costs explain many puzzles in the organization of society, and that pricing for durable goods presents a particular worry since even a monopolist selling a durable good needs to ‘compete’ with its future and past selves.”
Coase won a Nobel Prize in Economic Science in 1991.
Ronald H. Coase (HO, Associated Press)
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