Law School Professor. Coase got his prize for two papers written over 30 years ago. For his first insight, Coase asked why people gather into corporations within which authority rather than markets mediate choices.
Entrepreneurs find the happy medium between free markets and large authoritarian firms.
Business people had no need of Coase telling them to accumulate. They already sought fiefdoms they could oversee with absolute authority. Markets are great, says Coase, and nonmarket allocation in firms just proves the point. So what if he assumes away the pervasive ills of markets as his starting point of analysis. Coase resolved a conundrum for the powers that be.