Quite rightly, Ronald H Coase, the Nobel Prize winner in economics, who died a few days ago at the remarkable age of 102, is being remembered as an exceptional thinker in economics. He is probably best known for this analysis – which seems obvious to us now – about why firms exist in the first place.
The University of Chicago Law School, with which he was associated for many years, has this nice appreciation of him. And here is the final paragraph:
Coase said in 2012 that his main scholarly talent was to identify solutions that were in plain sight. “I’ve never done anything that wasn’t obvious, and I didn’t know why other people didn’t do it,” he said. “I’ve never thought the things I did were so extraordinary.”