Ronald H. Coase quotes

Ronald H. Coase photo
19   1

Ronald H. Coase

Birthdate: 29. December 1910
Date of death: 2. September 2013

Ronald Harry Coase was a British economist and author. He was for much of his life the Clifton R. Musser Professor Emeritus of Economics at the University of Chicago Law School, where he arrived in 1964 and remained for the rest of his life. After studying with the University of London External Programme in 1927–29, Coase entered the London School of Economics, where he took courses with Arnold Plant. He received the Nobel Memorial Prize in Economic Sciences in 1991.

Coase, who believed economists should study real markets and not theoretical ones, established the case for the corporation as a means to pay the costs of operating a marketplace. Coase is best known for two articles in particular: "The Nature of the Firm" , which introduces the concept of transaction costs to explain the nature and limits of firms, and "The Problem of Social Cost" , which suggests that well-defined property rights could overcome the problems of externalities . Additionally, Coase's transaction costs approach is currently influential in modern organizational economics, where it was reintroduced by Oliver E. Williamson.

Works

The Nature of the Firm
Ronald H. Coase

„If you torture the data enough, nature will always confess.“

—  Ronald H. Coase

Coase states that he said this in a talk at the University of Virginia in the early 1960s and that this saying, "in a somewhat altered form, has taken its place in the statistical literature."
Alternative: "If you torture the data long enough, it will confess."
Cited in: Gordon Tullock, "A Comment on Daniel Klein's 'A Plea to Economists Who Favor Liberty'", Eastern Economic Journal, Spring 2001.
1960s-1980s, "How should economists choose?" (1981)
Source: Essays on Economics and Economists

„American institutionalists were not theoretical but anti-theoretical…. Without a theory they had nothing to pass on except a mass of descriptive material waiting for a theory, or a fire.“

—  Ronald H. Coase

Ronald H. Coase (1984). "The New Institutional Economics." Journal of Institutional and Theoretical Economics 140 (March): 299-231; p. 230; As cited in: Malcolm Rutherford (1996), Institutions in Economics: The Old and the New Institutionalism. p. 9
1960s-1980s

„If economists wished to study the horse, they wouldn't go and look at horses. They'd sit in their studies and say to themselves, "what would I do if I were a horse?"“

—  Ronald H. Coase

Ronald Coase in speech to the "International Society of New Institutional Economics" the 17 September 1999, Washington DC. He claims he was quoting fellow economist Ely Devons which reportedly said this in a meeting
1990s and later

Help us translate English quotes

Discover interesting quotes and translate them.

Start translating

Similar authors

Paul A. Samuelson photo
Paul A. Samuelson47
American economist
Wassily Leontief photo
Wassily Leontief10
Russian economist
Milton Friedman photo
Milton Friedman158
American economist, statistician, and writer
John Maynard Keynes photo
John Maynard Keynes119
British economist
Joseph E. Stiglitz photo
Joseph E. Stiglitz39
American economist and professor, born 1943.
Friedrich Hayek photo
Friedrich Hayek79
Austrian and British economist and Nobel Prize for Economic…
Amartya Sen photo
Amartya Sen29
Indian economist
Ludwig von Mises photo
Ludwig von Mises62
austrian economist
T.S. Eliot photo
T.S. Eliot265
20th century English author
Daniel Kahneman photo
Daniel Kahneman50
Israeli-American psychologist
Today anniversaries
Erich Maria Remarque photo
Erich Maria Remarque63
German novelist 1898 - 1970
William Faulkner photo
William Faulkner214
American writer 1897 - 1962
Wangari Maathai photo
Wangari Maathai9
Kenyan environmental and political activist 1940 - 2011
M. Scott Peck photo
M. Scott Peck26
American psychiatrist 1936 - 2005
Another 80 today anniversaries
Similar authors
Paul A. Samuelson photo
Paul A. Samuelson47
American economist
Wassily Leontief photo
Wassily Leontief10
Russian economist
Milton Friedman photo
Milton Friedman158
American economist, statistician, and writer
John Maynard Keynes photo
John Maynard Keynes119
British economist
Joseph E. Stiglitz photo
Joseph E. Stiglitz39
American economist and professor, born 1943.