Professor Ronald Coase, the Nobel Prize winning economist and former LSE student and member of staff, has died.
Professor Coase received the Nobel Prize for Economic Sciences in 1991 for his discovery and clarification of the significance of transaction costs and property rights for the institutional structure and functioning of the economy.
Born in London, he first came to LSE in 1929 when he studied for the Bachelor of Commerce degree; he was subsequently a member of the LSE faculty from 1935 to 1951.
He published The Nature of the Firm, a new concept of economic analysis, transaction costs, and the reasons for why firms exist. This article, together with The Problem of Social Cost (1961), made the breakthrough in economic science that led to his Nobel Prize.
Professor Coase died on 2 September 2013 aged 102.
Wednesday 4 September 2013