Monday, September 2, 2013

A Great Loss: Ronald Coase Has Passed Away at 102

Over at Legal Theory blog (here), Larry Solum is reporting that Ronald Coase has passed away. Coase was among the most important economists of the twentieth century; he laid the foundations for the modern field of Law & Economics; and he was co-founder with fellow Nobel laureate Douglass North of the International Society for New Institutional Economics. Although still widely misunderstood among both economists and legal scholars, the importance of his work on the crucial role institutions (including formal laws) play in structuring economic activity in the real world of positive transaction costs will endure. The brilliance of his thinking and lucidity of his writing ensures that Coase will continue to be read by scholars from various fields long after most other economists of the twentieth century are forgotten.

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