31 Facts About Ronald Coase

Ronald Harry Coase was a British economist and author.

Ronald Coase was the Clifton R Musser Professor of Economics at the University of Chicago Law School, where he arrived in 1964 and remained for the rest of his life.

Ronald Coase received the Nobel Memorial Prize in Economic Sciences in 1991.

Ronald Coase established the case for the corporation as a means to pay the costs of operating a marketplace.

Ronald Coase is best known for two articles: "The Nature of the Firm", which introduces the concept of transaction costs to explain the nature and limits of firms; and "The Problem of Social Cost", which suggests that well-defined property rights could overcome the problems of externalities if it were not for transaction costs.

Ronald Harry Coase was born in Willesden, a suburb of London, on 29 December 1910.

Ronald Coase's father, Henry Joseph Coase was a telegraphist for the post office, as was his mother, Rosalie Elizabeth Coase, before marriage.

Ronald Coase then continued his studies at the University of London, enrolling as an internal student of the London School of Economics, where he took courses with Arnold Plant and received a bachelor of commerce degree in 1932.

Between 1932 and 1934, Ronald Coase was an assistant lecturer at the Dundee School of Economics and Commerce, which later became part of the University of Dundee.

Subsequently, Ronald Coase was an assistant lecturer in commerce at the University of Liverpool between 1934 and 1935 before returning to London School of Economics as a member of staff until 1951 in which year he was awarded an earned doctorate in economics from the University of London.

Ronald Coase then started to work at the University at Buffalo and retained his British citizenship after moving to the United States in the 1950s.

Ronald Coase settled at the University of Chicago in 1964 and became the co-editor of the Journal of Law and Economics with Aaron Director.

Ronald Coase was for a time a trustee of the Philadelphia Society.

Ronald Coase received the Nobel Prize in Economics in 1991.

Ronald Coase was honoured and received an honorary doctorate from the university at Buffalo Department of Economics in May 2012.

Ronald Coase married Marion Ruth Hartung of Chicago, Illinois in Willesden, England, 7 August 1937.

Ronald Coase himself died in Chicago on 2 September 2013, at the age of 102.

Ronald Coase was praised across the political spectrum, with Slate calling him "one of the most distinguished economists in the world" and Forbes calling him "the greatest of the many great University of Chicago economists".

Ronald Coase said or wrote once that Steven Cheung is the only one who understands his work.

Ronald Coase noted a number of transaction costs involved in using the market; the cost of obtaining a good or service via the market actually exceeds the price of the good.

Ronald Coase notices "decreasing returns to the entrepreneur function", including increasing overhead costs and increasing propensity for an overwhelmed manager to make mistakes in resource allocation.

Ronald Coase argues that the size of a firm is a result of finding an optimal balance between the competing tendencies of the costs outlined above.

Ronald Coase gradually won over the usually skeptic audience, in what has later been considered a "paradigm-shifting moment" in the genesis of Chicago Law and Economics.

Ronald Coase argued that without transaction costs the initial assignment of property rights makes no difference to whether or not the farmer and rancher can achieve the economically efficient outcome.

Ronald Coase is a central figure in the development of the subfield of law and economics.

Ronald Coase believed that the University of Chicago was the intellectual center of law and economics.

In law and economics, the Ronald Coase theorem describes the economic efficiency of an economic allocation or outcome in the presence of externalities.

Ronald Coase admitted that early in life, he aligned himself with socialism.

Ronald Coase introduced me to Adam Smith's invisible hand and to the advantages of a competitive system.

Ronald Coase pointed out that government schemes in the economic sphere were often ill-conceived and were introduced to placate special interests.

Guido Calabresi wrote that Ronald Coase's focus on transaction costs in The Nature of the Firm was the result of his socialist beliefs.