Oldest Nobel Prize winner Ronald Coase, influential British-born economist, dies at 102

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This undated photo provided by the University of Chicago Law School shows professor Ronald Coase. Coase, a Nobel Prize winner and pioneer in applying economic theory to the law, died Monday, Sept. 2, 2013, after a short illness at a Chicago hospital. He was 102. He was the oldest living Nobel laureate before his death. The British-born economist won the Nobel in economics in 1991. (AP Photo/Courtesy of the University of Chicago Law School)

CHICAGO – British-born Nobel Prize winner Ronald Coase, a pioneer in applying economic theory to the law, has died at age 102.

The former University of Chicago professor was the oldest living Nobel laureate before his death Monday at a Chicago hospital.

University of Chicago Law School Dean Michael Schill says Coase died after a short illness. Schill says he spoke to Coase’s caregiver, who was with him when he died.

The economist won the Nobel in economics in 1991. Schill says his work generated a new way of thinking about government regulation.

His most recent book — published just last year — looked at China’s market transformation.

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