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.

  1. Nobel Memorial Prize In Economic ...

    The Nobel Memorial Prize in Economic Sciences is a prestigious ...
  2. Coase Theorem

    The coase theorem is a legal and economic theory that affirms ...
  3. Douglass C. North

    Douglass C. North was an American economist and winner of the ...
  4. A. Michael Spence

    A. Michael Spence is an American economist who has served as ...
  5. Friedrich Hayek

    Born in Vienna, Austria, in 1899, Friedrich Hayek is a famous ...
  6. Lawrence Klein

    Lawrence Klein was an American economist and winner of the 198 ...
Related Articles
  1. Investing

    Nobel Winners Are Economic Prizes

    Before you try to profit from their theories, you should learn about the creators themselves.
  2. Insights

    Harvard and MIT Professors Win Nobel Memorial Prize in Economics

    British economist Oliver Hart, 68, and Finnish economist Bengt Holmström, 67, were honored with the award today for their contributions to contract theory.
  3. Insights

    American Economist Richard Thaler Wins Nobel Memorial Prize

    The University of Chicago's Richard Thaler has been recognized for his contributions to behavioral economics.
  4. Investing

    How 5 Influential Economists Changed Americas History

    Find out how five economists made contributions to financial theory that crossed over into many aspects of social history in America such as Adam Smith.
  5. Insights

    Are You the Best Investor on Campus?

    Forget bracketology. You can win a lot more money competing in Investopedia's Stock Market Madness.
  6. Insights

    Do Cannes Winners Cash In?

    It may be the most prestigious film festival and competition in the world, but does winning Cannes lead to winning at the box office?
  7. Tech

    Bitcoin Best Example of Irrational Exuberance Right Now: Nobel Prize Winner

    Robert Shiller won the Nobel prize for his research into bubbles. Now he says that bitcoin is the latest example.
  8. Managing Wealth

    6 Billionaire Politicians And What They're Worth

    These businessmen have made their millions and entered the political field.
  9. Personal Finance

    How to Get an Academic Job in Finance

    Learn how to get an academic job in finance as a professor of finance.
  1. Warren Buffett's history in school

    Warren Buffett attended multiple prestigious schools on his path to success, but he places much more significance on real-world ... Read Answer >>
Trading Center