Nobel Laureate Economist Ronald Coase Turns 101
By David Theroux | On December 29th, the world-renowned economist Ronald H. Coase celebrated in Chicago his 101st birthday. Professor Coase received the Nobel Prize in Economic Sciences in 1991, and he is the Clifton R. Musser Professor Emeritus of Economics at the University of Chicago Law School and the former, highly influential editor of the prestigious Journal of Law and Economics. Assar Lindbeck (chairman of the prize committee) at the time of Professor Coase’s Nobel stated that, “Coase explains the structure of a market economy. He tries to explain why we have firms, how companies evolve and the reason why they do or don’t expand. . . . The largest practical use for his studies is that people better can understand how the world works and why.” And indeed this is the case, as is found in two of his many studies: “The Nature of the Firm” (1937), in which he introduced the term “transaction costs,” and illustrated their crucial importance; and “The Problem of Social Costs” (or “Coase Theorem,” 1960), by far the most cited article in all of the social science, in which he discussed the nature and importance of property rights. Both of these and other superb articles by him are included in his very important book, The Firm, the Market and the Law: Essays on Economics and Economists...
Mais
Nenhum comentário:
Postar um comentário