Ronald Coase was a British economist and author who won the Nobel Prize Award in 1991. He was a professor at the University of Chicago Law School and remained there till his death in 2013. His contribution to economics was notable and highly sought after. Coase’s research on transaction costs and property rights was vital in understanding businesses and society. His 1937 article ‘The Nature of the Firm’ addressed the question of why people set up businesses and his most popular work, ‘The Problem of Social Cost’, was later renamed the Coase Theorem. This theory states that in a competitive market without transaction costs, a rational decision will be made irrespective of the initial allocation of property rights.

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