Coase, Ronald

He graduated from the London School of Economics (Bachelor of Commerce (B. Com.)) In 1932; He taught there, as well as in the Virgin and from 1964 at the University of Chicago . He was the supervisor of the Institute , which bears his name. Corresponding Member of the British Academy (1985).

In The Nature of the Firm ( The Nature of Firm , 1937 ), he examines the process by which a market economy generates a specific kind of cost, which he called “transactional.” Kouz's second famous article is “ The Problem of Social Cost ” ( The Problem of Social Cost , 1960 ), in which the author showed that external effects can be internalized by means of a contract between the parties, provided that:

1. intervention by the government consists only in the specification of property rights, that is, the creation of a regime of exclusivity (a regime in which the subject is able to effectively exclude other economic agents from the decision-making process regarding the use of exclusive powers) for an individual or group by defining the subject and object of law, a set of powers at the disposal of the subject, as well as a mechanism to ensure their observance;
2. transaction costs, ceteris paribus , are zero.

This theory is called the " Coase theorem ".

An important feature discovered by Coase in the theory of industry markets is called Coase's conjecture . If the set of goods (or its resource) in the market is not limited, then the exclusive producer is forced to sell goods at the price of a market of perfect competition , that is, with zero profit. Consumers are aware that the volume of the good is unlimited and decide to wait, because the monopolist will not “go anywhere” and will be forced to lower the price to the cost price. In response, a monopolist in such a situation may try to make consumers believe that they will not wait for a cheap product, for example, defiantly destroying part of the unsold.

• Coase, Ronald. The Nature of the Firm // Economica , Vol. 4, No. 16, November 1937 pp. 386-405 pdf (English)
  (also in Readings in Price Theory , Stigler and Boulding, editors. Chicago, RD Irwin, 1952).
• Coase, Ronald. The Problem of Social Cost // Journal of Law and Economics , v. 3, n ° 1 pp. 1-44, 1960 pdf .
• Coase, Ronald. Durability and Monopoly // Journal of Law and Economics , vol. 15 (1), pp. 143-49, 1972.
• Coase, Ronald. The Institutional Structure of Production // The American Economic Review , vol.82, n ° 4, pp. 713-719, 1992. (Nobel Prize lecture) html (eng.) .

Editions in Russian

• Coase R. Firm, market and law. from English B. Pinsker. - M .: Delo LTD, 1993. - 192 p. - ISBN 5-86461-133-6 .
• Coase R. The nature of the company // Theory of the company / Ed. V.M. Halperin . - SPb. : Economic School , 1995. - p. 11−32. - A series of "Milestones of economic thought." - ISBN 5-900428-18-4 ( English The nature of the firm , 1937).
• Coase R. G. The nature of the company; "The nature of the company": the origins; "The nature of the company": interpretation; "The nature of the company": influence; Nobel lecture "Institutional structure of production":

in Proc .: The nature of the company: By the 50th anniversary of the publication of the work of R. Kouz "The nature of the company" / ed. O. I. Williamson , S. J. Winter ; per. from English M. Ya. Kazhdana; ed. per. W. G. Grebennikov. - M .: Delo , 2001. - Series “Modern institutional and evolutionary theory”. - ISBN 5-7749-0226-9 , ISBN 0-19-508356-3 .

• Coase R. Firm, Market and Law : Coll. articles / trans. from English B. Pinsker; scientific ed. R. Kapelyushnikov . - M .: New Publishing, 2007. - 224 p. - Series “Library of the Foundation“ Liberal Mission ””. - ISBN 978-5-98379-087-2 .

The collection contains articles: Firm, Market and Law (p. 7–35); The nature of the company (p. 36−57); Economics of organization of the industry: a research program (p. 58−73); Dispute on marginal costs (p. 74−91); The problem of social costs (p. 92−149); Notes to the “Problem of social costs” (p. 150−176); Lighthouse in economic theory (p. 177−201).

• Coase R. Essays on economics and economists / Per. from English M. Markov; scientific ed. D. Ruskov. - M .; St. Petersburg: Gaidar Institute Publishing House; Publishing House "International Relations"; Faculty of Liberal Arts and Sciences, St. Petersburg State University, 2015. - 288 p. (Series "New Economic Thinking")
• Coase R., Ning Wang. How China became capitalist = How China Became Capitalist / Per. from English Anna Razintseva. - “New Publishing House”, 2016. - 386 c. - Freedom Library - ISBN 978-5-98379-204-3

• New institutional economics

• Blaug M. Coase, Ronald Harry // 100 Great Economists After Keynes = Great Economists. - SPb. : Economikus, 2009. pp. 128-130. - 384 s. - (Library of the "Economic School", vol. 42). - 1 500 copies - ISBN 978-5-903816-03-3 .

• Autobiography on the Nobel website

Russian per. autobiographies and Nobel lectures, see: Nobel Prize Winners in Economics: autobiographies, lectures, comments. T. 2. 1983−1996. - SPb .: Science, 2009. - p. 216−230. - ISBN 978-5-02-025169-4 .

• Ronald Coase // Economicus.ru
• Coase R. The problem of social costs
• Lushankin P. Ronald Coase - history and reasons for success
• Novikov V. The concept of Ronald Coase's property rights in terms of law and economic theory
• Kapelyushnikov R. Ronald Coase, or the Creation of Markets
• Kapelyushnikov R. Theorem Coase
• Brilliant simplicity of Ronald Coase // Blog Ruconomics
• Interview with Professor Ronald Coase
• Ronald Coase: Nobel Prize winning economist who explored why companies exist (Eng.) . Financial Times . The appeal date is September 3, 2013.