Gardiner Means

Gardiner Means was an American economist who made significant contributions to the field of economics, particularly in the areas of industrial organization and price theory. His work was influenced by prominent economists such as Thorstein Veblen and John Maynard Keynes, and he was associated with institutions like Harvard University and Columbia University. Means' research focused on the behavior of large corporations and their impact on the economy, and he was a strong advocate for regulatory reform to address issues of corporate power and market failure. His ideas were also shaped by the Great Depression and the New Deal policies implemented by Franklin D. Roosevelt.

● Introduction to

Gardiner Means Gardiner Means was a prominent figure in the development of heterodox economics, and his work was closely tied to the ideas of Institutional economics and Post-Keynesian economics. He was influenced by the work of John Kenneth Galbraith and Joseph Schumpeter, and he was a contemporary of economists like Milton Friedman and Paul Samuelson. Means' research on administered prices and corporate power was also related to the work of Karl Marx and Vladimir Lenin on the capitalist mode of production. His ideas were further shaped by the Bretton Woods system and the General Agreement on Tariffs and Trade.

● Life and Career

Means was born in Madison, Wisconsin, and he received his education from Harvard University, where he earned his Bachelor's degree and Ph.D. in economics. He began his career as a researcher at the Brookings Institution and later worked at the National Bureau of Economic Research. Means was also a professor at Columbia University and Harvard University, where he taught courses on economics and public policy. He was a member of the American Economic Association and the Institutional Economics Association, and he was influenced by the work of economists like John Commons and Wesley Mitchell.

● Economic Theories and Contributions

Means is best known for his work on administered prices, which refers to the practice of large corporations setting prices based on their own interests rather than market forces. He argued that this practice leads to market failure and inefficiency, and he advocated for regulatory reform to address these issues. Means' ideas were influenced by the work of John Maynard Keynes on monopoly and oligopoly, and he was also influenced by the Austrian School of economics and the work of Friedrich Hayek. His research on corporate power was related to the work of Ralph Nader and the consumer movement, and he was a strong advocate for antitrust policy and regulatory reform.

● Administrative Regulation and Reform

Means was a strong advocate for regulatory reform to address issues of corporate power and market failure. He argued that government regulation is necessary to protect the public interest and promote economic efficiency. Means' ideas were influenced by the work of Louis Brandeis and the Progressive movement, and he was also influenced by the New Deal policies implemented by Franklin D. Roosevelt. His research on administered prices and corporate power was related to the work of Theodore Roosevelt and the trust-busting movement, and he was a strong advocate for antitrust policy and regulatory reform.

● Critique and Legacy

Means' work has been subject to various critiques and interpretations, with some economists arguing that his ideas on administered prices and corporate power are too narrow or simplistic. However, his research has also been widely influential, and he is considered one of the most important economists of the 20th century. Means' ideas have been applied in a variety of contexts, including industrial policy and regulatory reform, and his work continues to be studied by economists and policy makers around the world, including those at the International Monetary Fund, the World Bank, and the European Union. His legacy is also closely tied to the work of economists like Hyman Minsky and James Galbraith, and he remains an important figure in the development of heterodox economics and Institutional economics. Category:Economists