I am stunned and saddened to learn that Nobel Laureate economist Ronald Coase has died. As the author of such seminal works as “The Lighthouse in Economics,” “The Nature of the Firm, ” and “The Problem of Social Cost,” Coase was one of the most influential thinkers of his generation. (See also Brian Leiter’s comment here.) Although over 100 years old, Coase continued to think and write, publishing a book on China just last year. He set a high bar for academics. Most of us would be lucky were our entire body of work to have the impact of just one of his articles. Indeed, Coase was probably mis-cited more than most of us have ever been (or ever will be) cited. He may be gone, but his work will live on.
SECOND UPDATE: Here’s a remembrance from the University of Chicago. More from Don Boudreaux, Art Carden, Geoff Manne (again), and Kevin Bryan. I also recommend this article by David Friedman, written in honor of Coase’s receipt of the Nobel Prize in Economics.