RONALD COASE is Nobel Laureate in Economics. His work has had a profound impact on economics; his work clarified the theory of the firm and gave rise to the field of Law and Economics. The Coase theorem is widely studied in economics. Professor Coase is currently Clifton R. Musser Professor Emeritus of Economics at the University of Chicago Law School, he is also a research advisor at the Ronald Coase Institute. NING WANG is an Assistant Professor as the School of Politics and Global Studies, Arizona State University, USA.