Version: v1, Published online: 2001
Retrieved June 21, 2021, from https://www.rep.routledge.com/articles/biographical/coase-ronald-h-1910/v-1
Coase’s work reshaped the economic analysis of law and government policy, and began the law-and-economics movement. His writings, over the course of decades, have consistently emphasized the importance to clear economic thinking of observing actual practice. While economic theory had often been grounded on abstract models that assumed the absence of any costs for commercial transactions, Coase has shown how recognizing the pervasive presence of frequently substantial transaction costs in the real world requires rethinking established economic ideas about industrial organization and government regulation.
Bix, Brian H.. Coase, Ronald H. (1910–), 2001, doi:10.4324/9780415249126-T066-1. Routledge Encyclopedia of Philosophy, Taylor and Francis, https://www.rep.routledge.com/articles/biographical/coase-ronald-h-1910/v-1.
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