The legacy of Ronald Coase: Commercial implications and policy consequences

Abstract

In my office I have a coffee cup on which is printed a quote from a famous economist: ‘Without the appropriate institutions no market economy of any significance is possible.’ The message is a constant but welcome reminder of the importance of institutions - the traditions, customs and other features of our economic system that many of us tend to take for granted, but which play a salutary role in influencing long-run economic progress through changes in areas such as rule of law and private property rights. The quote is also a reminder of the staggering professional contribution of Professor Ronald Coase, who passed away on 2 September 2013, just three months short of what would have been his 103rd birthday.