Gardiner C.Mean's Institutional and Post-Keynesian Economics: An Interpretation and Assessment

Warren J. Samuels · Steven G. Medema

Jul 2019 · Routledge

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Gardiner Means has a secure place in the history of 20th century economic thought, as the co-author with A.A.Berle of "The Modern Corporation and Private Property". But according to Samuels and Medema, Means should be remembered for major contributions in both micro- and macroeconomics. The authors discuss Means's ideas of administered pricing and profit maximization within the giant corporation, the possible links between industrial structure and macroeconomic performance, a theory of the firm as it relates to the market, and the micro foundations of macroeconomics. Central to Means's macroeconomics is his theory that administered pricing generates inflation and stagflation. Means, in the authors' view, was a seminal thinker and a post-Keynesian economist, as well as an institutionalist. This book also gives an precis of Means's unusual career in government and the academy.

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WARREN J. SAMUELS is currently professor of economics at Michigan State University. He earned his M.S. and Ph.D. degrees at the University of Wisconsin., Professor Samue1s has written extensively on the history of economic thought, Post Keynesian economics, and institutional economics., STEVEN G. MEDEMA is assistant professor at the University of Colorado at Denver. He received his M.A. and Ph.D. degrees from Michigan State University.