Nobel prize winning London-born economist Ronald Coase passes away at 102

Accomplished economist Ronald Coase has passed away at 102 years of age. Born in London, Coase would later move to the US to pursue an incredibly successful career in Chicago.

The Library of Economics and Liberty highlights that while incredibly influential, Coase's writings are sparse, saying that "in a sixty-year career he wrote only about a dozen significant papers—and very few insignificant ones."

While he begun his life as a socialist, his work would eventually lead him to find that the arguments for government intervention were less strong than commonly thought.

His most famous articles are the "The Nature of the Firm" and "The Problem of Social Cost", published in 1937 and 1960 respectively. Coase's last published work came as late as last year.

In 1991 he was awarded the Sveriges Riksbank Prize in Economic Sciences, the Nobel prize. Coase wrote an autobiographical piece to mark the event.

Coase's insights remain central in almost any undergraduate economics degree, and will continue to do so for years to come.