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Coase's ideas would later contribute to what economic field of the 20th century?
Development Economics
Institutional Economics
Quantitative Economics
Environmental Economics
Answer
Institutional Economics, as the answer suggests, is the field that Coase's ideas would later contribute to. This field of economics focuses on the role of institutions, such as laws, customs, and social norms, in shaping economic outcomes. Coase's work highlighted the importance of transaction costs and property rights in economic analysis, which aligned well with the institutionalist perspective.
Coase's Economic Conundrums: Unraveling the Legacy of a Nobel Laureate
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