Extremely sad news that Ronald Coase passed on today. His work on economics had a profound impact upon the discipline, and significantly added to the way economists think about the allocation of scarce resources – so economics itself. There are few people who have had this sort of impact. While I was going to write a couple of things about his work, I found that A Fine Theorem covered this off a much more satisfactory way than I could:
Sad news today that Ronald Coase has passed away; he was still working, often on the Chinese economy, at the incredible age of 102. Coase is best known to economists for two statements: that transaction costs explain many puzzles in the organization of society, and that pricing for durable goods presents a particular worry since even a monopolist selling a durable good needs to “compete” with its future and past selves. Both of these statements are horribly, horribly misunderstood, particularly the first.
I would suggest reading the whole post. These are two ideas that were an important part of my economics study, however there were links to the literature in there that I had not seen before and that helped breath further life into these ideas for me.