Gardiner C. Means

Gardiner C. Means was an American economist who made significant contributions to the field of economics, particularly in the areas of industrial organization and macroeconomics. He is best known for his work on administered prices and the concept of corporate power, which was influenced by the ideas of John Maynard Keynes and Thorstein Veblen. Means' research focused on the United States economy, and he was affiliated with prestigious institutions such as Harvard University and Columbia University. His work was also influenced by the Great Depression and the New Deal policies implemented by Franklin D. Roosevelt.

● Early Life and Education

Gardiner C. Means was born on June 8, 1896, in Madison, Wisconsin, to a family of Yale University and University of Wisconsin–Madison graduates. He grew up in a family that valued education and was encouraged to pursue his interests in economics and politics. Means attended Harvard University, where he earned his Bachelor of Arts degree in 1918 and later his Ph.D. in economics in 1927. During his time at Harvard University, he was influenced by prominent economists such as Frank William Taussig and Allyn Abbott Young. Means' early life and education were also shaped by his experiences during World War I, where he served in the United States Army and was stationed in France.

● Career

Means began his career as an economist in the 1920s, working as a researcher at the Federal Trade Commission and later as a professor at Harvard University. He was also a member of the National Bureau of Economic Research and worked closely with other prominent economists, including Simon Kuznets and Milton Friedman. In the 1930s, Means was appointed as the director of the Industrial Section of the National Resources Committee, where he conducted research on industrial organization and corporate power. His work during this period was influenced by the Great Depression and the New Deal policies implemented by Franklin D. Roosevelt, including the National Industrial Recovery Act and the Securities Exchange Act of 1934.

● Theories and Contributions

Means is best known for his theory of administered prices, which suggests that large corporations have the power to set prices and influence the market. He argued that this power is a result of the concentration of corporate power and the ability of large corporations to manipulate the market. Means' work on administered prices was influenced by the ideas of John Maynard Keynes and Thorstein Veblen, and he was also influenced by the work of other economists, including Joseph Schumpeter and John Kenneth Galbraith. His theories on corporate power and administered prices have had a significant impact on the field of economics, and his work has been cited by prominent economists, including Paul Krugman and Joseph Stiglitz.

● Published Works

Means published several books and articles throughout his career, including The Modern Corporation and Private Property (1932), which he co-authored with Adolf A. Berle. This book is considered a classic in the field of corporate governance and explores the concept of corporate power and its impact on the economy. Means also published The Corporate Revolution in America (1964), which examines the growth of large corporations in the United States and their impact on the economy. His work has been published in various academic journals, including the American Economic Review and the Journal of Economic Issues.

● Legacy and Impact

Gardiner C. Means' work has had a significant impact on the field of economics, and his theories on administered prices and corporate power continue to influence economists and policymakers today. His work has been cited by prominent economists, including Paul Krugman and Joseph Stiglitz, and his ideas have been applied to various fields, including industrial organization and macroeconomics. Means' legacy is also reflected in the work of other economists, including John Kenneth Galbraith and Hyman Minsky, who have built on his ideas and expanded our understanding of the economy. Today, Means' work remains an important part of the economics curriculum at universities around the world, including Harvard University, Columbia University, and the University of Cambridge. Category:Economists