A Conversation with Ronald H. Coase

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Ronald H. Coase received the 1991 Nobel Prize in Economic Science. His articles "The problem of social cost" and "The nature of the firm" are among the most important, and most often cited works in the whole of economic literature. He has taught at the University of Chicago since 1964, and was editor of the very influential Journal of law and economics from 1964 until 1982. During that time, he recounts how he used the journal to encourage "economists and lawyers to write about the way in which actual markets operate, and about how governments actually perform in regulating or undertaking economic activities."