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Nobel Laureate Ronald Coase shares insights on his career in economics, his influential papers on firms and social costs, interactions with Keynes and Hayek, and perspectives on the Chinese economy. Discussions include the nature of firms, decision-making processes, trial and error, public choice theory, and China's transformation to a capitalist economy. The episode closes with optimism for the future and appreciation for the guest.
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- Practical outcomes trump theoretical frameworks in economics according to Coase, advocating for empirical research.
- Assigning property rights with consideration of transaction costs is crucial to address externalities effectively.
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Ronald Coase's Background and Education
Ronald Coase, a Nobel Prize winner and influential economist, shared insights into his modest upbringing in London, where he had limited education due to his parents' early work responsibilities. Despite his disadvantaged start, Coase's perseverance led him to attain a scholarship for secondary school, setting the foundation for his future academic journey in economics.
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Discover
highlights
Listen to the best highlights from the podcasts you love and dive into the full episode