Ronald Coase was born on December 29, 1910 in Willesden, England. He is a British economist and the Clifton R. Musser Professor Emeritus of Economics at the University of Chicago Law School. He received the Nobel Prize in Economics in 1991.
Biography and Career :
Ronald Coase was born in Willesden, England, he got his PhD from the London School of Economics. Coase is best known for two articles in particular: The Nature of the Firm (1937), which introduces the concept of transaction costs to explain the size of firms and The Problem of Social Cost (1960), which suggests that well defined property rights could overcome the problems of externalities.
Ronald Coase's transaction costs approach is currently influential in modern organizational theory, where it was reintroduced by Oliver E. Williamson. He is also often referred to as the 'father' of reform in the policy for allocation of the electromagnetic spectrum, based on his article The Federal Communications Commission (1959) where he criticizes spectrum licensing, suggesting property rights as a more efficient method of allocating spectrum to users. Ronald Coase Image : ideachannel.com
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