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Roll over George Stigler: Berle and Means meet Chicago price theory

Published online by Cambridge University Press:  25 January 2010

STEVEN G. MEDEMA
STEVEN G. MEDEMA*
Affiliation:
University of Colorado, Denver, Colorado, United States
*
*Email: Steven.Medema@ucdenver.edu.
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Abstract:

Recent writings by Richard Posner in this Journal and elsewhere appear to mark a departure from the Chicago price theory tradition with which Posner long has been associated. This paper picks up on one facet of this: the similarity of Posner's views of the corporation, and of executive compensation in particular, to the perspective laid out by Adolf Berle and Gardiner Means in The Modern Corporation and Private Property – a perspective that has for decades been harshly rejected by the Chicago school.

Type
Research Article
Information
Journal of Institutional Economics , Volume 6 , Issue 1 , March 2010 , pp. 99 - 107
Copyright
Copyright © The JOIE Foundation 2010

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