Our today's hero is Ronald Coase. His biography will be discussed in detail later. This is an English economist who was born in the suburb of London - Wilsden.
Parents
The father of our hero was a telegraph operator.Mother - postal employee. She left work after marriage. The parents of the future economist did not receive education, but they were literate people. The subject of their hobby was sports.
early years
Рональд Коуз - единственный ребенок в семье.He had an interest in sport that can be considered common to any young man. In this case, the hobby of learning prevailed. He went to high school at the age of 12. This stage of learning was made to begin a year earlier. Such a change affected the biography of our hero. In 1927, Ronald Coase with excellent grades passed the exams in chemistry, as well as history. This allowed to continue studying at the university.
However, the young man preferred for another 2 yearsstay in school. He intended to learn as an external student the basic program, which is taught in the first year at the University of London. Further, he wanted to pass intermediate exams. Only after that our hero was going to go to the university. To obtain a diploma of historian, required an excellent knowledge of Latin. Our hero could not master this language, because he entered the school a year later. He decided to study in the natural sciences program and to link his activities with chemistry.
Soon he was convinced that the road chosen by him was notis his vocation. Thus, commerce remained the only specialty on the basis of which it was possible to transfer from school to university. Our hero has passed the exams for this course. In 1929, he became a student at the London School of Economics. The decisive influence during this period was on him by Professor A. Plant. As a result, our hero developed a special methodological principle. To follow him the economist sought his whole life.
Views
Ronald Coase considered the real world.economic phenomena and went beyond the scientific “blackboard”. The formation of the interests of our hero was greatly influenced by the work “The Risk, Uncertainty and Profit” by F. Knight. As a result, Ronald Coase became interested in the problem of economic institutions and organizations. Also influenced him the book F. Wicksteed. It is called "The Elementary Meaning of Political Economy." Our hero was very interested in industrial legislation. He decided to specialize in this area when obtaining a bachelor's degree. Perhaps he would become a professional lawyer. However, the choice of activity influenced the case.
Suddenly, he won Ernest's scholarshipKassel. Thus, the opportunity of receiving education at foreign universities was revealed before him. Academic year (1931-1932) our hero spent in the United States. During this period, he studied in detail the structure of industry. It was here that his interests were determined, as well as the direction of the future career of the future economist.
Activities
Ronald Coase began his professional career withan article titled "The Nature of the Firm." Material for her, he collected during the year. This work was published on the pages of the journal "Economics" in 1937. Even after 50 years, this work has not ceased to attract attention. The level of its quoting is constantly growing.
In the "Nature of the company" our hero touchedfundamental problem of economic organization. He first asked the organizing role of the company. According to him, it can interfere with the work of market forces, as well as frustrate transactions. The economist defines a firm as an organizational structure. It replaces the market itself. For it is a characteristic network of contractual relationships.
Economic agents are constantly faced withby choice. They have to decide: whether to organize activities through market transactions or resort to the harmonization of the structure of the company. The article described the nature of this choice. Thus, the author explained the emergence of the company as a substitute for market operations. The purpose of this structure is to reduce social costs that are associated with the operation of the market mechanism. Analyzing the question of firm size, the economist formulated a series of rules that determine the size of such an enterprise. His concept is based on cost comparison. They are associated with the implementation of transactions within the company and in the markets.
Books
Above, we already talked about who Ronald wasCoase The main works of the economist will be given below. He wrote the following books: Essays on Economic Science, Firm, Market and Law. In addition, he published the work "How China Became Capitalistic." The book “The Nature of the Firm” was also published in Russian. Now you know who Ronald Coase is. Photos of this economist are attached to this material. We hope that the information about this person will be useful to you.
