A conversation with Ronald H. Coase
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Ronald H. Coase, Richard A. Epstein
2001 | Liberty Fund | Duración:..
About this video
About the author
During this interview, audiences may learn about the early beginnings and academic years of whom later became a Nobel Prize in Economic Science winner, Ronald H. Coase.
A broad number of subjects are discussed, involving the intellectual activities he carried out, ranging from his interest in economics and law, his transition from socialism up to the various publications and theories laid out by him.
A conversation with Ronald H. Coase
After holding positions at the University of Dundee, Scotland and the University of Liverpool, England, he joined the faculty of the London School of Economics in 1935. In 1951 Coase migrated to the United States and held positions at the Universities of Buffalo, Virginia and Chicago, where he was the editor of the Journal of Law and Economics and wrote The Firm, the Market and the Law and Essays on Economics and Economists.
He was a Fellow of the British Academy, the European Academy, and the American Academy of Arts and Sciences. He was also a member of the Honour Committee of Euroscience and held honorary doctorate degrees from the University of Cologne, Yale University, Washington University, the University of Dundee, the University of Buckingham, Beloit College, and the University of Paris.
Coase was awarded the Alfred Nobel Memorial Prize in Economic Sciences in 1991, and was the winner of The Economist Innovation Award in the category of "No Boundaries" in 2003. Coase's later work looked into the complicated nature of the firm and into the producer's expectations and natural monopolies.
Selected Quotes from Ronald H. Coase:
• Coase says of this same time that he was able to "hold contradictory views without discomfort." What are these contradictory views he speaks of, and how was he able to resolve this contradiction?
• What are transaction costs, and how do they differ from managerial costs? What role do transaction costs play in the theory of the firm, according to Coase?
• What is the greatest weakness of the doctrine of natural monopoly, according to Coase?
• Why does Coase suggest that the private water companies in 19th century London lost out to the political regime? What are some parallel examples from the 20th and 21st centuries?
• What is Coase referring to when he says that a disadvantage of markets is that they reveal people's actual preferences? Does this fairly or unfairly relate to social class, and why?
• Why does Coase suggest that the most interesting work being done today is in business schools, not economics departments? To what extent do you agree that this is true?
• How does the BBC illustrate both the economic and political effects of monopoly, according to Coase?
• When Coase shifted his focus of study to the United States' FCC, what did he recommend, and why?
• In what ways does Coase feel that he benefitted from a lack of formal economics training? Would this hold true of economics training today? Why or why not?
• Why has Coase's "The Problem of Social Cost" been more influential with lawyers than economists? To what extent do you feel this is justified?
• What is the relationship of the state to property rights, according to Coase? To what extent do you agree with Coase's characterization?
• When Coase wrote his piece on durable goods monopolies, he claims it was the only time he rushed to write something because he was sure someone else would beat him to it. Describe what he had to say about these types of monopolies, and why it was novel.
• What was the nature of the disagreement between Coase and Milton Freidman regarding the methodology of positive economics?
• What advice would Coase give to a young economist today? How good is this advice today, in your opinion?
Entries from the Concise Encyclopedia of Economics