Before addressing these issues, realize that this situation lends itself to the teachings of Nobel Prize winning economist Ronald Coase.

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Led by Nobel laureates like Ronald Coase, economic scholars demonstrated clearly that actions by private agents can lead to efficient outcomes without any intervention by government.

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Over 40 years ago Ronald Coase, who won the Nobel prize for economics in 1991, argued that there is no reason why spectrum should be treated differently from, for example, land.

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Such predictions are often based on a one-sided interpretation of the ideas of Ronald Coase, a Nobel-prize-winning economist, says Phil Agre, a professor of information studies at the University of California at Los Angeles.

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Though its proponents of the dismal science, such as Ronald Coase, Milton Friedman and George Stigler, have earned it wider fame in recent decades, the university has produced just as many natural scientists of distinction.

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Then a young economist named Ronald Coase solved the riddle in his groundbreaking paper on The Nature of the Firm, which not only earned him a Nobel Prize, but influenced generations of management theorists.

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