Coase did pioneering work on the ways in which transaction costs and
property rights affect business and society. In his most famous paper,
"The Problem of Social Cost" (1960), he challenged the classic
logic of prohibiting behaviour that damages others. His work was a call
to legal scholars to pay attention to the importance of an efficient
marketplace and to negotiation rather than litigation. The Royal Swedish
Academy of Sciences cited Coase for this research and also for "pioneering
the study of how property rights are distributed among individuals by
law, contract, and regulations, showing that this determines how economic
decisions are made and whether they will succeed."
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