London School of Economics (LSE) from Edwin Cannan and Arnold Plant. The main lesson Coase taught us and insisted upon was … that economics should not be too ‘abstract' and should not rely on a priori categories. He pleaded for more realism in … economics, for a form of ‘political economy': economists should use theory to generalise what facts tell us rather than trying …

Ronald Coase (1910-2013), who sadly died at the remarkable age of 102, made significant contributions to economics … structure and functioning of the economy”. This paper traces the development of Coase’s economics to describe his contributions … and the essence of the law and economics enterprise he fostered …