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.
He will live on. Just last week, I referred the Coase Theorem in a column dealing with alleged contamination of ground water. We anchor our work on agriculture markets on transaction costs.