Ronald H. Coase, the winner of Nobel Memorial Prize in Economic Science in 1991, died on 2 September 2013 in Chicago. He was 102 years old. The University of Chicago announced about his death.
Life History of Ronald H. Coase
• Ronald Harry Coase was born on 29 December 1910 in London.
• He was the British-American economist and author.
• He served as the Clifton R. Musser Professor Emeritus of Economics at the University of Chicago Law School.
• He received his education from the University of London External Programme in 1927–29. Thereafter, he went to the London School of Economics and took courses with Arnold Plant.
• In the year 1991, he won the Nobel Prize in Economics.
• Ronald H. Coase is known for two of his most popular articles- The Nature of the Firm (1937) and The Problem of Social Cost (1960). The Nature of the Firm introduced the methodologies of transaction costs for explaining the limits as well as nature of the firms. On the other hand, The Problem of Social Cost explained how the property rights can overcome the issues of externalities. This was popularly known as the Coase Theorem.
• Ronald Coase is also referred to as the Father of Reform in policy for allocation of the electromagnetic spectrum. This was based on the article titled The Federal Communications Commission (1959).
Renowned publications of Ronald Harry Coase
• The Nature of the Firm
• The Problem of Social Cost
• Durability and Monopoly
• The Lighthouse in Economics
• The Institutional Structure of Production
• The Conduct of Economics: The Example of Fisher Body and General Motors
• The Industrial Structure of Production: A Research Agenda for Innovation in an Entrepreneurial Economy
• How China Became Capitalist (2012) co-authored with Ning Wang