Free Essay Sample Dedicated to Ronald Harry Coase

Ronald Harry Coase is a British economist and author who was born in Willesden, northwest London on December 29, 1910. He received a bachelor of commerce in London School of Economics. Ronald won a Nobel Prize in Economics in 1991 for discovering the importance of property rights and transaction costs for the functioning of the economy and institutional structure. He is regarded as a distinguished and learned scholar for his know-how and acumen on details of economics.

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After graduating from the London School of Economics, Ronald served as an assistant lecturer in commerce between 1932 and 1934 in the University of Dundee and the Dundee School of Economics. However, he remained as a faculty member and started the course of public utilities in Britain. Ronald's first breakthrough came when he developed an article "The Nature of Firm" while working at the London School of Economics. Through the article, Ronald explained the reason why firms exist. First, he described that companies are regarded as planned economies even though people's voluntary choice developed them. Second, the main purpose for developing firms was for the marketing cost. Before 1946, Ronald worked for the government as the Offices of War Cabinet, Central Statistical Office, and at the Forestry Commission. After the Second World War, he went back to the London School of Economics to become the lecturer in The "Principles of Economics." Concurrently, he continued to conduct studies on public utilities. In 1950, Ronald published a book called "British Broadcasting: A Study in Monopoly" that came through the study of the American broadcasting industry while in the United States.

In the US he became a lecturer at the University of Buffalo, New York for seven years until 1958. In 1959, he joined the University of Virginia, Charlottesville as an economist. During this period, he developed one of the most influential articles in US history, "The Problem of Social Cost." In the article described the manner in which the property rights and the transaction costs continue to influence society and businesses. The article has become one of the most ever cited articles in modern economic literature. As a result, the article led to the development of the Ronald theorem that states that when the cost of the transaction is low, the market automatically produces the best solution for the nuisance without regards to where the law puts the nuisance liability. In 1964, Ronald became an editor for the journals of Economics and Law and functioned as a trustee in the Society of Philadelphia. In 2012, Ronald wrote a book called "How China Became Capitalist."

Ronald had one of the most recognized contributions in the field through his articles in economics. His critical contributions in economics spanned almost eight decades. This came after he was asked if China's move towards capitalism was primarily due to his economic ideas or whether it was an accidental byproduct in their attempts to sound a warning and perfect socialism for their desire for political or economic control.

In 2012, 1991, he won a Nobel Prize in economics and 2012; he was honored by the University of Buffalo with a doctorate in economics. Ronald died at the age of 102 on September 2, 2013, in Chicago. Ronald will be remembered for his insightful brilliance in the world of economics, and his know-how and acumen on details of economics.