The Anglo-American economist Ronald Coase was born on this day (29 December) in 1910. My mentor Guido Calabresi introduced me to Professor Coase’s path-breaking paper “The Problem of Social Cost” back in 1990, a paper I did not fully appreciate at the time. I returned to Coase’s work after I began teaching law in 1998 and eventually became a “Ronald Coase Fellow” in 2006. In his honor, here is my 2012 paper “Modelling the Coase Theorem.” Also, here is an excellent survey of Coase’s ideas (via David Friedman).

R.I.P Dr. Coase!