Coase, Ronald (Harry)

(born Dec. 29, 1910, Willesden, Middlesex, Eng.) British-U.S. economist. He received his doctorate from the London School of Economics and taught principally there and the University of Chicago. In his best-known paper, “The Problem of Social Cost” (1960), he challenged the classical logic of prohibiting behaviour that damages others. He argued that legal scholars should focus on the importance of an efficient marketplace and on negotiation rather than litigation. He was awarded the Nobel Prize in 1991.

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