About Chicago Booth

Ronald Coase

Nobel Prize in Economic Sciences, 1991

Ronald Coase was awarded the prize for his discovery and clarification of the significance of transaction costs and property rights for the structure and functioning of the economy.

  • 1991 Nobel Prize
  • About Coase

Coase was selected for the award because of his important contributions on the borderline between economics, law, and organization. Read the announcement »

He is among seven scholars associated with Chicago Booth to receive a Nobel Prize, including George Stigler, 1982; Merton Miller, 1990; Gary Becker, 1992; Robert Fogel, 1993; Myron Scholes, 1997; and Eugene Fama, 2013.

Coase was a pathbreaking legal scholar whose 1937 paper “The Nature of the Firm” established the field of transaction cost economics. Another seminal work, “The Problem of Social Cost,” published in 1961, sets out what is now known as the Coase Theorem and a new field in economic research, “law and economics.”

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