September 2013 — Page 3 of 3 — LIRNEasia


Ronald Coase, 1910-2013

Posted on September 3, 2013  /  0 Comments

The man who introduced the concept of transaction costs, proposed a solution on dealing with problems of externalities and was one of the first to propose applying market solutions to spectrum allocation is no more. I first read his work on spectrum, since one of my teachers, Dallas Smythe, was a vociferous opponent. Then I read his classic piece on “The nature of the Firm.” That impressed me. Looking back I think that reducing transaction costs has become a governing principle of my life.
I never thought I would write those words, but there it is. Just a few years ago, Nokia was lapping its competitors. Now it’s exiting. How evanescent is market leadership in ICTs? Beleaguered Finnish mobile phone maker Nokia will sell its mobile phone unit to US group Microsoft for 5.
The legislature has completed its work and the bill awaits the President’s signature. But the actual legislation with 70 amendments from what potential investors saw is yet to see the light. And most of the detail (“the devil is in the detail”) will be in subsidiary legislation. Another nugget that has emerged is that Ooredoo is planning to invest USD 15 billion while Telenor is planning to invest USD 2 billion. MP Phone Myint Aung said the move would mean “international operators can launch their operations.