The chapter delves into the speaker's experiences with economists Keynes and Hayek in England, describing a friendly but distant relationship with Hayek and a memorable encounter with Keynes where the latter appeared unaware of the speaker's contributions.
Nobel Laureate Ronald Coase of the University of Chicago talks with EconTalk host Russ Roberts about his career, the current state of economics, and the Chinese economy. Coase, born in 1910, reflects on his youth, his two great papers, "The Nature of the Firm" and "The Problem of Social Cost". At the end of conversation he discusses his new book on China, How China Became Capitalist (co-authored with Ning Wang), and the future of the Chinese and world economies.