The headline is horrible—it's kind of like saying "Scientist's Theories Led to Atomic Bomb" for an Einstein obit—but Ronald Coase was one of the most creative e

The headline is horrible—it's kind of like saying "Scientist's Theories Led to Atomic Bomb" for an Einstein obit—but Ronald Coase was one of the most creative economists of the 20th century and deserves to be widely known. For a great introduction to Coase's Theorem and its implications, I recommend Law's Order by David Friedman (available in a nearly illegible online edition at http://www.daviddfriedman.com/laws_order/ http://www.daviddfriedman.com/laws_order/, but I recommend the print version). It will challenge many of the things you think you know about externalities.