Nationality American Education Harvard University Role Economist | Name Gardiner Means | |
Born June 8, 1896 ( 1896-06-08 ) Windham, Connecticut School or tradition Institutional economics Died February 15, 1988, Vienna, Virginia, United States Books The Modern Corporation and Private Property, A monetary theory of employment, Pricing power & the public interest Influenced Edwin Griswold Nourse, Abraham Kaplan, Alfred D. Chandler, Jr., Frederic S. Lee, John Kenneth Galbraith People also search for Adolf A. Berle, Frederic S. Lee, James Cummings Bonbright, Warren Samuels | ||
Contributions Administered prices | ||
Gardiner Coit Means (June 8, 1896 in Windham, Connecticut – February 15, 1988 in Vienna, Virginia) was an American economist who worked at Harvard University, where he met lawyer-diplomat Adolf Berle. Together they wrote the seminal work of corporate governance, The Modern Corporation and Private Property.
Academic work
Means followed the institutionalist tradition of economists. In 1934 he coined term "administered prices" to refer to prices set by firms in monopoly positions. In The Corporate Revolution in America (1962) he wrote:
"We now have single corporate enterprises employing hundreds of thousands of workers, having hundreds of thousands of stockholders, using billions of dollars' worth of the instruments of production, serving millions of customers, and controlled by a single management group. These are great collectives of enterprise, and a system composed of them might well be called "collective capitalism."
Means argued that where an economy is fueled by big firms it is the interests of management, not the public, that govern society.