Douglass North – A Lasting Legacy of New Institutional Economics

Douglass C. North, a Nobel laureate famed for his groundbreaking work on “new institutional economics,” died on November 23. He was 95. North – a professor, economist, philosopher, and economic historian – was the co-recipient (with Robert Fogel) of the 1993 Nobel Prize in Economic Sciences “for having renewed research in economic history by applying […]

Nobel Economist Ronald Coase, Giant of TCE, Dies at 102

Nobel laureate Ronald Coase, a giant of modern economic thought and whose ideas about transaction costs and the nature of companies are a foundation of Vested principles, died this week in Chicago. He was 102. In “The Nature of the Firm,” which was developed and written while he was still an undergraduate and published in 1937, Professor […]