The New Palgrave Dictionary of Economics

2018 Edition
| Editors: Macmillan Publishers Ltd

Coase, Ronald Harry (Born 1910)

  • Steven G. Medema
Reference work entry


Ronald Coase made seminal contributions to law and economics and to the theory of the firm, for which he received the 1991 Nobel Prize. The importance of understanding the role of transaction costs in economic activity and the influence of alternative institutional structures on economic performance are hallmarks of Coase’s scholarship, and both the economic analysis of law and the new institutional economics are outgrowths of his work. Coase occupies a significant although somewhat controversial place in the history of the Chicago School of economics.


Accounting Average cost pricing Bargaining Chicago School Coase conjecture Coase theorem Coase, R. H. Cobweb theorem Consumer theory Externalities Firm, organization of Government failure Imperfect competition Knight, F. Law and economics Lerner, A. Marginal cost pricing Market failure Mathematics and economics Monopoly Multi-part pricing New institutional economics Opportunity cost Posner, R. Public goods Public utilities Public utility pricing Rational expectations Social cost theory Special interests Transaction costs Viner, J. 

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Copyright information

© Macmillan Publishers Ltd. 2018

Authors and Affiliations

  • Steven G. Medema
    • 1
  1. 1.