2003 Coase Lecture by Ronald Coase - Part 2/6

http://kempton.wordpress.com/2009/12/05/my-special-gift-to-ronald-coase-for-h...

Time codes

0:00 Theory of international trade. (Never thought I would laugh so hard!)
1:24 More likely to become a lawyer than an economist in university. Study of industrial law.
2:25 Go to US to study why industries are organized in different ways.
3:28 Plant was opposed to government's schemes of coordinating production.
4:00 Benefited from taking a B.Comm degree rather than an economics degree. Visited factories and businesses in America and talk to businessmen.
4:45 By the summer of 1932, Coase got the answers to his questions. Firms vs market transactions. Transaction costs.
5:43 The explicit introduction of the concept of transaction costs
6:00 Return from America to UK. Appointed assistant lecturer.
6:15 Content of first lecture. The argument of "The Nature of the Firm".
7:02 In 1934, completed first draft of "The Nature of the Firm". Published in 1937.
7:20 How the paper was received by Coase's elders was "extremely instructive". And how this should be a lesson.
8:15 The only support Coase got was from his contemporary. " new ideas are most likely to come from the young who are also the group who are most likely to recognize the significance of those ideas."
9:00 The problem of social cost.

Video Copyright 2003 Ronald Coase and The University of Chicago Law School

Category:

Education

Tags:

• Ronald
• Coase
• University
• of
• Chicago
• Law
• School