Ronald Coase Biography
Birthday: December 29, 1910 (Capricorn)
Born In: Willesden, London, England
Ronald Coase was a British economist and author who won the Nobel Prize in Economics in 1991 for his discovery and clarification of the significance of transaction costs and property rights for the institutional structure and functioning of the economy. A highly learned and distinguished scholar, he was noted for his brilliant acumen and know-how of the minutest details of the subject. For most of his life, Coase held the position of Clifton R. Musser Professor Emeritus of Economics at the University of Chicago Law School. He is often regarded as the ‘father’ of reform in the policy for allocation of the electromagnetic spectrum, based on his article ‘The Federal Communications Commission’ (1959), wherein he criticised spectrum licensing, suggesting property rights as a more efficient method of allocating spectrum to users. Coase rose to fame for his 1937 article ‘The Nature of the Firm’, which introduced to the readers the concept of transaction costs to explain the nature and limits of firms. His 1960 article, ‘The Problem of Social Cost’ suggested that well-defined property rights could overcome the problems of externalities.