Ronald H. Coase


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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  1. What is the Mont Pelerin Society?

    The Mont Pelerin Society was formed in 1947 when economist Friedrich von Hayek invited 39 people to meet at Mont Pelerin ... Read Full Answer >>
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    In economics, utility function is an important concept that measures preferences over a set of goods and services. Utility ... Read Full Answer >>
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    In microeconomics, utility represents a way to relate the amount of goods consumed to the amount of happiness or satisfaction ... Read Full Answer >>
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    Just-in-time (JIT) inventory management focuses solely on the need to replenish inventory only when it is required, reducing ... Read Full Answer >>
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