Ronald H. Coase

Ronald H. Coase was a British economist known for his influential ideas on economics and law. He developed the "Coase Theorem," which suggests that if property rights are clearly defined and transaction costs are low, individuals can negotiate solutions to conflicts over resources without government intervention. His work highlighted the importance of understanding how institutions and agreements affect economic efficiency. Coase's insights have significantly impacted fields such as law, economics, and public policy, emphasizing that real-world scenarios often involve complexities beyond traditional economic models. He received the Nobel Prize in Economic Sciences in 1991 for his contributions.