Who is 'Ronald H. Coase'

Ronald H. Coase was a Nobel Memorial Prize winning British economist

BREAKING DOWN 'Ronald H. Coase'

Ronald H. Coase was born in England in 1910. He was an only child and suffered from some weakness in his legs that required him to wear braces. Because of this, he attended a special school for his formative years. Once he was able to matriculate into the mainstream school, he entered Kilburn Grammar School, where he received good grades and discovered an aptitude for learning. He attended the University of London where he entered the London School of Economics. In 1951 he came to the United States and began teaching at the University of Buffalo. From there, Coase went on to teach at other universities including the University of Virginia at Charlottesville.

Coase has credited his two articles, The Nature of the Firm and The Problem of Social Cost, with earning him the Alfred Nobel Memorial Prize. Additionally, he wrote The Federal Communications Commission, Durability and Monopoly and The Lighthouse in Economics; all are hailed as great works in economics and law.

Coase went on to become the editor of the Journal of Law and Economics, where he remained for nearly two decades. He was a member of the Mont Pelerin Society as well.

Despite his success, Coase was not one to brag about his achievements. He referred to himself as an accidental economist, having ended up studying in the field because he didn’t meet the Latin requirement to study his first choice of history. When he wrote up his biography for the Nobel committee, he stated that all the happenings that led up his success in life had happened to him by chance. Coase declared that he’d had greatness thrust upon him, and that his success was no more than that.

Coase died in September, 2013.

What is the Alfred Nobel Memorial Prize

The Alfred Nobel Memorial Prize is a Nobel Prize that is awarded to those who achieve greatness in the field of economic sciences. The first prize in Economic Sciences was bestowed upon Ragnar Frisch and Jan Tinbergen. Since that time, there have been 79 award recipients.

The prize is awarded by Sveriges Riksbank, Sweden’s central bank in honor of the memory of Alfred Nobel, the founder of the Nobel Prize. It is considered to be one of the most prestigious awards in the field. In addition to the award, there is a monetary prize as well. The amount varies, depending on how much the Nobel Foundation has to offer each year, but it has reached as high as $1.4 million in some years.

Ronald H. Coase took home the prize in 1991.

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