DEFINITION of 'Ronald H. Coase'

A British economist who won the 1991 Nobel Memorial Prize in Economics for his research on transaction costs and property rights. The award was based on two of his most well-known articles, "The Nature of the Firm" and "The Problem of Social Cost."

BREAKING DOWN 'Ronald H. Coase'

Coase was born in England in 1910 and earned his Ph.D. in economics from the London School of Economics. He has been a professor at the University of Chicago since 1964, and has also taught at the University of Buffalo and University of Virginia at Charlottesville. Coase was editor of the Journal of Law and Economics for nearly two decades and has been a member of the Mont Pelerin Society, an international organization of influential classical liberals.

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