Ronald Coase was a British economist known for his influential work in the field of law and economics. He is best known for the Coase Theorem, which suggests that under certain conditions, private parties can negotiate solutions to externalities without government intervention. His ideas have significantly shaped economic theory and policy. Coase was awarded the Nobel Prize in Economic Sciences in 1991 for his contributions to the understanding of transaction costs and property rights. His seminal papers, including "The Nature of the Firm" and "The Problem of Social Cost," have had a lasting impact on both economics and legal studies.