The Contribution and Intellectual Legacy of Ronald Coase (1910–2013)
13 Pages Posted: 25 Jan 2014
Date Written: February 2014
Ronald Coase's work presents a continuing challenge to the established neoclassical paradigm. His incorporation of transactions cost into economic theory enables many questions of organisational structure to be addressed but also implies a world of continuing evolutionary change rather than static equilibrium. This article reviews some of Coase's most influential papers and considers their implications for the future of public policy and economic theory.
Keywords: contracts, exchange, firms, property rights, transactions cost
JEL Classification: B31, B52, D23
Suggested Citation: Suggested Citation