A Nobel prize-winning economist who clarified the role of property rights and transaction costs in the economy has died.
Ronald Coase, the winner of the Nobel Prize in economics in 1991, has died. He was 102 years old.
Coase is known for his pioneering the idea that well-defined property rights can overcome externalities, or costs imposed on other parties.
Coase also highlighted theories related transaction costs, or costs associated with an economic exchange.
This piece highlights everything you should know about Coase’s work.
Although I am not an economist, I have drawn upon Coase’s work in seeking to understand property rights, especially pertaining to First Nations reserves.