About
Ronald Coase was a British economist and author who made significant contributions to the fields of law and economics. He was educated at the London School of Economics and spent the majority of his career at the University of Chicago Law School. Coase is best known for his work on transaction costs and property rights, which earned him the Nobel Memorial Prize in Economic Sciences in 1991. His ideas have had a lasting impact on economic theory and policy.
Career Timeline
Graduates London School of Economics
Graduates from the London School of Economics. Begins his academic career.
Publishes 'Nature of the Firm'
Publishes 'The Nature of the Firm'. Introduces transaction costs, though initial impact is limited.
Publishes 'Social Cost' Paper
Publishes 'The Problem of Social Cost.' Revolutionizes law and economics, but slow to gain full recognition.
Joins University of Chicago
Joins the University of Chicago Law School. Establishes himself in a leading institution.
Becomes Co-Editor of Journal
Becomes co-editor of the 'Journal of Law and Economics.' Enhances his influence in the field.
Wins Nobel Prize in Economics
Awarded the Nobel Prize in Economics. Recognizes his groundbreaking contributions to law and economics.
Death at Age 102
Passes away at 102, leaving a lasting legacy in economics. His work continues to be highly influential.
Enduring Impact on Economics
His theories remain fundamental in law and economics, shaping policy discussions. He is remembered as a giant in his field.
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Last updated: February 24, 2026