Ronald Coase, the Unexpected Economist

Pedro Schwartz*

"... Even Coase was sometimes heard to say that it had taken him years fully to understand his theorem. This must be so, because towards the end of his life, when he wrote his book on how China became capitalist with Ning Wang, he tacitly relied on an interpretation of the Coase theorem which does not assume perfect competition nor zero transaction costs nor well defined property rights!
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