Monday, September 2, 2013

Ronald Coase (1910-2013)

One of the greatest economists in the 20th century passed away at the age of 102. His ideas of transaction costs and property rights revolutionized modern economics and altered the way economists thought about markets, firms, institutions, laws, governance, regulations and many more.

2013 is a bad year for new institutional economics, we already lost another great thinker, Armen Alchian, in February this year.

RIP, professor.