Kevin Bryan, 10 September 2013

Ronald Coase, an economics Nobel Prize winner, passed away on 2 September 2013. He is best known for stating that transaction costs explain many puzzles in the organisation of society, and that pricing for durable goods presents a particular worry since even a monopolist selling a durable good needs to compete with its future self. This column reviews how these ideas, though often misinterpreted, deeply influenced the thinking of economists.

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