How Adam Smith’s ideas transformed Ronald Coase the socialist into one of the world’s greatest economists

This extract from the book Ronald H. Coase by Steven G. Medema is of some interest: Coase was at that time a social¬ist, and he thought that studying economics (which was required for the commerce degree) would be quite interesting. During this preparation period, he studied economics, geography, French, English economic history and accounting. He […]