One of the giants
Ronald Coase, the economist who explained why firms exist, died on September 2nd, aged 102
“I HAVE made no innovations in high theory,” was how Ronald Coase modestly summed up his life’s work. “My contribution to economics has been to urge the inclusion…of features of the economic system so obvious that…they have tended to be overlooked.” Attention to the overlooked helped Mr Coase transform both law and economics.
This article appeared in the Finance & economics section of the print edition under the headline “One of the giants”
From the September 7th 2013 edition
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Germany’s economy goes from bad to worse
Things may look brighter next year, but the relief will be short-lived
An economics Nobel for work on why nations succeed and fail
Daron Acemoglu, Simon Johnson and James Robinson tackled the most important question of all
Why investors should still avoid Chinese stocks
The debate about “uninvestibility” obscures something important
China’s property crisis claims more victims: companies
Unsold homes are contributing to a balance-sheet recession
Europe’s green trade restrictions are infuriating poor countries
Only the poorest can expect help to cushion the blow
How America learned to love tariffs
Protectionism hasn’t been this respectable for decades