If you’re into economics and want to learn more, read these interesting economic articles by economists. Coase’s 1937 article has many subfields within economics, and his ideas have shaped the field in numerous ways. Alchian’s profit-seeking firm model and the information technology revolution are a few examples. This article has influenced just about everything in industrial organization since. But why is Coase’s 1937 article so interesting?
Coase’s 1937 article
The premise of Coase’s 1937 article on economics is that we should try to settle disputes between parties on a voluntary basis and should intervene only when property rights are too weak or transaction costs are too high. It may sound like laissez-faire thinking, but this economist was a pragmatic thinker. He spent most of his career teaching at Chicago University and he firmly believed that economics is a science, and that government interventions should be kept to a minimum.
Ronald Coase’s first essay on economics appeared in Dundee, Scotland, in 1932. He had previously spent a year in America. It took another five years for the “nature of the firm” to appear in print. Another of Coase’s famous articles, “The Problem of Social Cost,” was published five years later, in …Interesting Economic Articles by Economists Read More