Coase, Ronald

Ronald Coase was a British economist known for his work on how people and businesses interact within markets. He introduced the idea that when resources or rights are clearly defined, parties can negotiate to address problems like pollution or property disputes without heavy government intervention. His famous concept, the Coase Theorem, suggests that under certain conditions, private negotiations can lead to efficient outcomes, emphasizing the importance of clear property rights and low transaction costs in resolving economic issues efficiently.