What made Ronald Coase (1920-2013) one of the greatest and most influential economists of the past century? One factor was his persistent focus on understanding real-world institutions at a time when many of his peers were increasingly drawn to abstract theory for its own sake.

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Other Independent Review articles by John V. C. Nye
    Summer 2016   Douglass C. North
    Summer 2008   From the Corn Laws to Free Trade
    Spring 1997   Democracy and International Trade