Nobel Economist Ronald Coase Dies at 102

For people interested in economics but not necessarily mathematics, Coase offered a new way of looking at the field.  Last year (at 101!)  he tried to start a new academic journal amplifying his belief that traditional economics had become too focused on statistical measures.  Nobel Economist Ronald Coase Dies at 102

“Economics as currently presented in textbooks and taught in the classroom does not have much to do with business management, and still less with entrepreneurship,” he wrote in an essay for Harvard Business Review, which we have also provided.  Coase on Economists

In this article he pointed out that “a modern market economy with its ever-finer division of labor depends on a constantly expanding network of trade. It requires an intricate web of social institutions to coordinate the working of markets and firms across various boundaries. At a time when the modern economy is becoming increasingly institutions-intensive, the reduction of economics to price theory is troubling enough. It is suicidal for the field to slide into a hard science of choice, ignoring the influences of society, history, culture, and politics on the working of the economy.”

Ronald Coase

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