Ronald Coase: Biography and Activities

Our hero today is Ronald Coase. His biography will be discussed in detail later. It's about an English economist who was born in a suburb of London - Wilsden.

Ronald Coase

Parents

The father of our hero was a telegraph operator.Mother - postal employee. She left work after her marriage. Parents of the future economist of education did not receive, but were literate people. The subject of their hobby was sport.

early years

Ronald Coase is the only child in the family.He was interested in sports, which can be considered ordinary for any young man. At the same time, the hobby for studying prevailed. He went to secondary school at the age of 12. This stage of training was started a year earlier. This change affected the biography of our hero. In 1927, Ronald Coase with excellent marks passed the examinations in chemistry, as well as history. This allowed him to continue his studies at the university.

However, the young man preferred another 2 yearsstay in school. He intended to master as a part-time student the basic program taught in the first year of the University of London. Then he wanted to take intermediate exams. Only after that our hero was going to go to university. To obtain a diploma of a historian, excellent knowledge of Latin was required. Our hero could not master this language, since he entered the school a year later. Therefore, he decided to engage in the program of natural sciences and link his activities with chemistry.

I was soon convinced that the road chosen by him was notis his vocation. Thus, commerce remained the only specialty on the basis of which it was possible to move from school to university. Our hero passed exams on this course. In 1929 he became a student at the London School of Economics. The decisive influence in this period was on him Professor A. Plant. As a result, our hero developed a special methodological principle. Follow it the economist aspired all further life.

Ronald Coase biography

Views

Ronald Coase considered the real worldeconomic phenomena and went beyond the scientific "chalkboard." The formation of the interests of our hero was greatly influenced by the work "Risk, uncertainty and profit" F. Knight. As a result, Ronald Coase became interested in the problem of economic institutions and organizations. It was also influenced by F. Wicksteed's book. It is called the "Elementary Meaning of Political Economy". Our hero was very interested in industrial legislation. He decided to specialize in this area when obtaining a bachelor's degree. Perhaps he would become a professional lawyer. However, the choice of activities was influenced by the case.

Unexpectedly, he became the owner of the Ernest ScholarshipKassel. Thus, the opportunity of getting an education in foreign universities opened before him. Academic year (1931-1932), our hero spent in the US. He studied the structure of industry in detail during this period. It was here that his interests were determined, as well as the direction of the future career of the future economist.

Ronald Coase Photo

Activities

Ronald Coase began his professional career witharticle entitled "Nature of the company." Material for it, he collected for a year. This work was published in the pages of the journal "Economics" in 1937. Even after 50 years, this work has not ceased to attract attention. The level of citation is continuously growing.

In "The Nature of the Firm" our hero was touchedfundamental problem of economic organization. He was the first to ask the organizing role of the firm. According to him, she is able to interfere in the work of market forces, as well as frustrating transactions. The firm defines an economist as an organizational structure. It replaces the market. For her is a typical network of contractual relationships.

Economic agents constantly facechoice. They have to decide whether to organize activities through market transactions or to agree on the structure of the firm. The article described the nature of this choice. Thus, the author explained the appearance of the company as a substitute for market operations. The purpose of such a structure is to reduce the social costs that are associated with the operation of the market mechanism. Analyzing the issue of the size of the firm, the economist formulated a number of rules that determine the magnitude of such an enterprise. Its concept is based on a comparison of costs. They are associated with the implementation of transactions within the firm and in the markets.

Ronald Coase major works

Books

Above we have already talked about who Ronald wasCoase. The main works of the economist will be given below. His pen belongs to books: "Essays on Economic Science", "Firm, Market and Law". In addition, he published the work "How China Became Capitalistic." The book Nature of the Firm was also published in Russian. Now you know who Ronald Coase is. Photos of this economist are attached to this material. We hope that information about this person will be useful to you.

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