The North Texas Daily (Denton, Tex.), Vol. 74, No. 31, Ed. 1 Thursday, October 17, 1991 Page: 3 of 8
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9
Page 3
Thursday, October 17,1991
American wins Nobel economics prize
don-based Institute of Economic Af- enormous pleasure to economists that
STOCKHOLM, Sweden (AP) — School of Economics.
it is not always those who make the
Court ‘blows off’ prison requests
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which he discussed property rights.
$135
Sixteen counts returned to Houstonian
Coase became an American citi-
share of the total use of resource in the zen after moving to the United States
economy.
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Officer, employee arrested in bank heist
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in the 1940s, but he kept his British
accent and mannerisms, colleagues
Coase’s theories on transaction said. “He is a quiet, shy, gentle Eng-
costs grew out of his work in the lishman, complete with waistcoat and
1930s, when he toured American umbrella wherever he goes,” saidLord
factories as a student from the London Harris, founder president of the Lon-
ing an organization were neglected.
Those factors—called transaction
costs—account for a considerable
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WASHINGTON (AP) — The Supreme Court on Tuesday turned
another cold shoulder to inmates seeking better prison conditions, this
time rejecting a non-smoker’s claim that exposure to the cigarette smoke
of others is “cruel and unusual” punishment
The court, by a 6-2 vote, set aside a ruling that would have cleared the
way for a trial in a Nevada prisoner’s lawsuit over his exposure to
secondary tobacco smoke.
The justices told the 9th U.S. Circuit Court of Appeals to restudy its
ruling in light of a decision last June in which the Supreme Court made
it more difficult for prison inmates to force improvements in their living
conditions.
Tuesday’s action was a setback for William McKinney, who says
secondary cigarette smoke inside the state prison at Carson City, Nev., is
affecting his health.
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Second grader wounded by stray bullet
PASADENA, Texas (AP)—A second grader returning to ciass from
recess was shot in the back Tuesday, apparently by a stray bullet fired
during a disagreement among several people in a nearby park frequented
by drug dealers.
John Barnett, 7, was in line to file back inside his Sparks Elementary'
classroom about 1 p.m. when students heard the gunshot.
“Someone heard a pop—a popping sound—and when they looked up,
one of the children was clutching his chest saying he couldn’t breathe,”
Duke Sonnenburg, spokesman for Pasadena Independent School District,
told KHOU-TV.
Barnett was flown by Life Flight helicopter to Herman Hospital where
he was listed in stable condition late Tuesday with a gunshot wound to his
upper right chest.
Police said he was shot with a .22-caliber weapon, which had not been
found.
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SAN ANTONIO (AP)—A police officer and a bank employee were
arrested Tuesday in connection with a September robbery in which more
than $237,000 was taken from a Texas Commerce Bank, authorities said.
Police officer Jack Weldon Nealy Jr., 28, and Lisa Michelle Silvas, 19,
were charged by federal officials with bank robbery, said Victor Gonzalez,
assistant agent in charge of the FBI office in San Antonio.
The defendants were accused of robbing a Texas Commerce Bank
motor bank in northeast San Antonio on Sept 21. Silvas was working at
the bank at the time, and Nealy later was hired as a bank security officer,
police said.
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The North Texas Daily
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HOUSTON (AP) — A federal grand jury Tuesday returned a 16-
count felony indictment against the owner of a bankrupt mortgage com-
pany, accusing him of a $45 million fraud scheme in which he repeatedly
pledged hundreds of houses in Houston and other Texas cities as collat-
eral.
O. Dean Couch, Jr. is accused of eight counts of bank fraud against
United Savings Association of Texas, and in eight counts of making false
statements to United Savings.
The FBI began investigating Couch Mortgage Co. of Houston after it
filed for bankruptcy in 1986.
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American Ronald Coase won the But until the 1970s and 1980s, fairs.
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Before Coase’s pioneering work, apply to research in other fields as
theories on how the economy worked well, associates said.
only included production and trans- Coase’s two major studies are “The
portcosts. But the expense of signing NatureoftheFirm,”inwhichheintro-
and completing a deal, making phone duced the term transaction costs; and
calls,’ hiring lawyers and administer- “The Problem of Social Costs,” in
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Nobel economics prize Tuesday for micro-economists de-emphasized the “He is very down-to-earth and a bit mostnoisewhocarryoffthetrophies,"
his long-ignored explanations of how importance of such costs, and Coase absent-minded and it will give he said,
market economies are shaped by was virtually alone in his efforts to use
contracts, laws and property rights. them in economic analysis. .
In awarding the $1 million prize, His other big contribution was — em ge Acet omcec KT
The Royal Swedish Academy of Sci- developing the theory of property — -------
encessaidCoase’stheories“areamong rights and how they affect economic .
the most dynamic forces behind re- success or failure. ne Q ten Q OQ 1 n AK7 (Am
search in economic science and juris- “One conclusion of Coase’s work •Y —
prudence today.” is that when rights are not well-de-
The British-born Coase, 80, is a fined we do not get an effective use of„
professor emeritus at the University resources,” said Kark-Goran Maier, a ,C0 — G STAT O r.Texas said. He declined to give further de-
of Chicago Law School, where he is member of the prize committee. (AP)-Texas A&MUniversityoff- tailsoftheincidentorthenameofthe
actively engaged in research. He As an example, he cited natural cials said Tuesday .“hey wer"vigor- victim... .
, - L c ously pursuing an investigation after The victim suffered an abrasion on
became the 14th economist from the resources saying they-are often mis- afemalememberoftheschool’sCorp hercheekandascratchedelbow, Wiatt
University of Chicago to win the managed because rights to their use of Cadets said she had been attacked said. She was treated at the emer-
economicsprize: , e are not spelled out. by male cadets a second time. gencyroom of St Joseph Hospital in
Coase explains the structure o a Coase s works on the importance Robert Wiatt, the school’s police Bryan and released, faculty members
market economy, said Assar Lind- of property rights have given birth to chief, said the woman allegedly was who talked to her said.
beck, chairman of the prize commit- a completely new scientific branch, attacked about 2:30 a.m. Sunday as A $10,000 reward is being offered
tee. “He tries to explain why we have where we have leading legal experts she walked, through a campus parking to people with information about the
firms, how companies evolve and the and leading economists who work lot toward her car. case, Wiatt said.
reason why they do or do not expand.” (from the basis of) understanding the The woman said she was knocked The Corp has been under fire since
“The largest practical use for his legal apparatus,” Maier said. tothepavementwhenstruckbyadoor the female cadet told A&M police
studies is thatpeoplebettercan under- The Nobel winner’s theories have opened by a passenger in another car, that three members of the Corps’
stand how the world works and why,” been used in legal science, economic Wiatt said. The car’s occupants cavalry troop attacked her on Sept. 17
Lindbeck said. history and organization theory, and “wrapped her head in a large plastic and threatened her with further harm
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The North Texas Daily (Denton, Tex.), Vol. 74, No. 31, Ed. 1 Thursday, October 17, 1991, newspaper, October 17, 1991; Denton, Texas. (https://texashistory.unt.edu/ark:/67531/metapth1410368/m1/3/: accessed July 17, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu.; crediting UNT Libraries Special Collections.