Ronald H. Coase


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Ronald H. Coase passed away on September 2, 2013, at the age of 102.

At the time of his death, Professor Coase was the Clifton R. Musser Professor Emeritus of Economics at The University of Chicago Law School.

Ronald H. Coase’s 1937 paper “The Nature of the Firm” was to establish the field of transaction cost economics. “The Problem of Social Cost,” published in 1961, sets out what is now known as the Coase Theorem and a new field in economic research, “law and economics.”

After holding positions at the Dundee School of Economics and the University of Liverpool, R. H. Coase joined the faculty of the London School of Economics in 1935. He continued at the London School of Economics and was appointed Reader in Economics with special reference to
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Average rating: 4.18 · 417 ratings · 33 reviews · 14 distinct worksSimilar authors
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How China Became Capitalist

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Essays on Economics and Eco...

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La naturaleza de la empresa

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How Should Economists Choose?

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Mainline Economics: Six Nob...

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Economic Forces at Work

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Famous Fables of Economics:...

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Essential Readings in Econo...

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Landmark Papers in Economic...

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“If you torture the data long enough, it will confess.”
Ronald H. Coase, Essays on Economics and Economists

“But a theory is not like an airline or bus timetable. We are not interested simply in the accuracy of its predictions. A theory also serves as a base for thinking. It helps us to understand what is going on by enabling us to organize our thoughts. Faced with a choice between a theory which predicts well but gives us little insight into how the system works and one which gives us this insight but predicts badly, I would choose the latter, and I am inclined to think that most economists would do the same.”
Ronald H. Coase, Essays on Economics and Economists

“An important reason may be that government at the present time is so large that it has reached the stage of negative marginal productivity, which means that any additional function it takes on will probably result in more harm than good…. If a federal program were established to give financial assistance to Boy Scouts to enable them to help old ladies cross busy intersections, we could be sure that not all the money would go to Boy Scouts, that some of those they helped would be neither old nor ladies, that part of the program would be devoted to preventing old ladies from crossing busy intersections, and that many of them would be killed because they would now cross at places where, unsupervised, they were at least permitted to cross.”
Ronald Coase



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