Coase's approach influenced which other Nobel laureate economist?
Robert Lucas
Paul Krugman
Milton Friedman
Oliver E. Williamson
Answer
**Oliver E. Williamson**, also a Nobel laureate economist, was influenced by Coase's approach in his work on transaction cost economics. Williamson expanded on Coase's ideas, arguing that transaction costs, such as the costs of negotiating and enforcing contracts, can affect the efficiency and organization of economic activity.
Coase's Economic Conundrums: Unraveling the Legacy of a Nobel Laureate
More Questions
Which industry did Coase use as an example in his study of transaction costs?
Coase's ideas would later contribute to what economic field of the 20th century?
Who was one of the economists that influenced Coase's thinking?
How did Coase view the role of government in dealing with externalities?
What did Coase argue about the nature of firms in his 1937 article?
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