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A Conversation with Ronald H. Coase

Intellectual Portrait Series
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Nobel laureate Ronald H. Coase (1910-2013) was recorded in 2001 in an extended video now available to the public. Coase's articles, "The Problem of Social Cost" and "The Nature of the Firm" are among the most important and most often cited works in the whole of economic literature. Coase recounts how he tried to encourage "economists and lawyers to write about the way in which actual markets operate, and about how governments actually perform in regulating or undertaking economic activities."

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Amy Willis writes:
Epstein asks Coase if the significance of the Coase theorem is that it forced people to think about a world of zero transaction costs. But Coase says that wasn't it. Why does Coase think the Coase theorem was so novel?

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