Nobel Laureate economist Ronald Coase passed away

[Barun Mitra]

Hello,
Ronald Coase, one of greatest economists, passed away in Chicago, USA,
on Sept 2, 2013, at the age of 102.

He was a very practical economist, who looked at the real world to
draw his theories. Rather than the propensity of many economists
today, who draw imaginative theories, and then propose policies in an
attempt to change the real world to fit their pet theories.

Coase had demonstrated the practical utility of property rights, in
resolving disputes. He identified transaction cost, as a key factor
contributing to the supply and demand mismatch, and promoting discord
among stakeholders. And suggested ways of minimising transaction
costs.

His theories are now regularly used to deal with issues of pollution,
by helping to refine the boundaries of property rights, in order to
internalise the externalities, so that people could clearly assess the
costs and responsibilities, and therefore are able to negotiate in a
mutually agreeable manner. Another area, where Coase's ideas have been
utilised in allocation of spectrum..

Our land rights initiative aimed at helping remote forest dwelling
communities map and document their land claims under the Forest Rights
Act, is inspired by his ideas. Please visit www.RighttoProperty.org

Coase demonstrated the power of ideas, and these ideas are going to live on.

Best,
Barun

Following are a few links on the life and ideas of Ronald Coase.

Ronald H. Coase, Founding Scholar in Law and Economics, 1910-2013
By Sarah Galer and Jeremy Manier
University Of Chicago News Office
September 2, 2013
http://www.law.uchicago.edu/news/coaseinmemoriam

The Man Who Resisted 'Blackboard Economics': Nobel laureate Ronald
Coase taught that economists should study real markets.
David Henderson, Wall Street Journal, Sept 3, 2013
http://online.wsj.com/article/SB10001424127887324432404579053032911966114.html

Ronald H. Coase, ‘Accidental’ Economist Who Won a Nobel Prize, Dies at 102
New York Times, Sept 3, 2013
http://www.nytimes.com/2013/09/04/business/economy/ronald-h-coase-nobel-winning-economist-dies-at-102.html?_r=0

The Wisdom of Ronald Coase: The great economist taught the limits of
government regulation.
Wall Street Journal, Sept 4, 2013
http://online.wsj.com/article/SB10001424127887324886704579052640806335398.html