As a student at the London School of Economics (LSE), Ronald Coase posed a seemingly naïve question that would, in time, fundamentally change the face of economics and earn him the Nobel Prize: ‘Why do firms exist?' The import of this simple question derived not only from the response Coase...

Ronald Coase’s famous 1959 paper, “The Federal Communications Commission,” argued for innovative and needed change to the system of spectrum allocation, challenging the prevailing “command and control” model in favor of one based on property rights and auctions. Today, many continue to...