A Research Into Coase's Economic Thoughts

Ronald Harry Coase is one of the most influential economists in this day and the winner of the Nobel in economic in 1991. He is a seminal thinker with an abiding interest in the study of the institution structure of production. Although Coase is an economist by both training and instinct, he refuses to work within the orthodox limits of the discipline. Coase maintains that the study of economic institutions is vital to understanding of the work of the economic system. He has outstanding talent to enlighten other scholars in economics realm as well as other social sciences realm. Since 1970', based in Coase' s original thoughts, the New Institutional Economics and the Economic Analysis of Law have been developed in full flourish. Meanwhile, lots of new subjects come into existence. Consequently, a revolution in economics is in process. In China, Coase' thoughts and methodology are very prevalent in recent years. Scholars applied Coase' thoughts and methodogy to study the economy of China, and have obtained more satisfying answers. This paper not only describes Coase' scholar life and introduces his original thoughts and methodology, but also tries to explain his success and evaluate his contributions in the history of economics.