Category: Harvard

Gardiner C. Means was awarded his Harvard  Ph.D. in economics  in no small part due to the department’s willingness to relax a binding constraint with respect to a residency requirement for the Ph.D. Professor Harold Burbank’s plea for an exception to the rule is an example of a blind-eye getting turned for the right reason. 

I recommend that Gardiner Coit Means be forgiven whatever deficiencies for residence that may appear on his record.

Means has had a checkered career, characterized by work neglected, I am afraid, and brilliant performances. He is the sort of student who cannot, or should not, be held to the usual formal requirements…

His greatest hit, The Modern Corporation and Private Property  (with Adolf A. Berle, Jr.) scored a Hoover Institution conference on the 50th anniversary of its publication. Not bad for an early “checkered career”.

Fun fact: Gardiner C. Means was an “old bunkmate” of Adolf A. Berle, Jr. at the Army’s officer candidate school at Plattsburg, New York during World War I. Their respective spouses were undergraduate friends at Vassar.

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Much More Background and Context

William W. Bratton. “The Modern Corporation and Private Property Revisited: Gardiner Means and the Administered Price,” Law Working Paper 443/2019 (January 2020). Published in Seattle University Law Review, Vo. 42, 2019.

Gardiner C. Means, Remarks upon the Receipt of Veblen-Commons Award,  Journal of Economic Issues Vol. 9, No. 2 (June 1975).

Warren J. Samuels & Steven G. Medema, Gardiner C. Means’ Institutionalist and Post Keynesian Economics (1991).

Theodore Rosenof, Chapter 3 “Gardiner C. Means and the Corporate Revolution” in his Economics in the Long Run: New Deal Theorists & Their Legacies, 1933-1993, (1997).

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HARVARD UNIVERSITY
DIVISION OF HISTORY, GOVERNMENT, AND ECONOMICS

Application for Candidacy for the Degree of Ph.D.

[Note: Boldface used to indicate printed text of the application; italics used to indicate the handwritten entries]

I. Full Name, with date and place of birth.

Gardiner Coit Means, June 8, 1896. Windham, Conn.

II. Academic Career: (Mention, with dates inclusive, colleges or other higher institutions of learning attended; and teaching positions held.)

Harvard College 1913-18
Harvard University 1925-27
Columbia University 1930-31

III. Degrees already attained. (Mention institutions and dates.)

Harvard College AB 1918
Harvard University MA 1927

IV. General Preparation. (Indicate briefly the range and character of your under-graduate studies in History, Economics, Government, and in such other fields as Ancient and Modern Languages, Philosophy, etc. In case you are a candidate for the degree in History, state the number of years you have studied preparatory and college Latin.)

History I, Economics A, — Specialized in Chemistry.

V. Department of Study. (Do you propose to offer yourself for the Ph.D., “History,” in “Economics,” or in “Political Science”?)

Economics.

VI. Choice of Subjects for the General Examination. (State briefly the nature of your preparation in each subject, as by Harvard courses, courses taken elsewhere, private reading, teaching the subject, etc., etc.)

1. Economic Theory and its History.
   Ec 11 & Ec 15.
2. [Economic History since 1750]
   Ec 2 offered for course credit
   Supplementary Reading.
   [NOTE: Brackets added in red pencil later, “offered for course credit” written in pencil and added sometime later]
3. Money Banking & Crises
   Ec 38
   Ec 37
4. Economics of Corporations
   Ec 4b
   2 years special study of corporate relationships
5. International Trade & Tariff Policies
   Ec 33 & Ec 39 offered for course credit
6. Special Problems in Valuation – Judicial, Commercial, & Accounting.
   Special work with Professor Bonbright of Columbia Univ.
   Ec 36

VII. Special Subject for the special examination.

Special Problems in Valuation

VIII. Thesis Subject. (State the subject and mention the instructor who knows most about your work upon it.)

The Corporate Revolution
[NOTE: added in pencil as substitution for earlier subject]

Accounting Theory and Practice in Relation to Problems of Valuation. — Prof. Bonbright

IX. Examinations. (Indicate any preferences as to the time of the general and special examinations.)

General Examination — Late Fall of 1931 Jan 13/32 [ADDED]
Special Examination — Spring of 1932

X. Remarks

[ALL REMARKS ADDED LATER:]

Professor Williams, chairman
[Professor] Bullock
Dr. O. H. Taylor
[Dr.] A. H. Cole

  Special examination — Professors Mason, Monroe, Chamberlin

Signature of a member of the Division certifying approval of the above outline of subjects.

[signed] H. H. Burbank

*   *   *   [Last page of application] *   *   *

[Not to be filled out by the applicant]

Name: Gardner [sic] Coit Means.

Approved: June 2, 1931.

Ability to use French certified by Dr. A. E. Monroe. March 23, 1927

Ability to use German certified by Dr. A. E. Monroe. March 23, 1927.

Date of general examination Wednesday, January 13, 1932. Passed J.H.W.

Thesis received January 6, 1933 (accepted for Jan. 3 by W.S.F.)

Read by Professor Chamberlin and Mason and Dr. Monroe

Approved January 30, 1933 (with reservations)

Date of special examination January 31, 1931. Passed – E.S.M.

Recommended for the Doctorate Jan. 31, 1933.

Degree conferred Feb. 1933

Remarks.  [left blank]

*  *  *  *  *  *  *  *  *  *  *  *  *  *

Certification of reading knowledge
of French and German for Ph.D.

HARVARD UNIVERSITY
Department of Economics

Cambridge, Massachusetts
March 23, 1927

Mr. Gardiner C. Means has this day passed a satisfactory examination in the reading of French and German as required of candidates for the doctor’s degree.

[signed]
A. E. Monroe

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Failed General Examination, first try

HARVARD UNIVERSITY
Department of Economics

Cambridge, Massachusetts
May 23, 1927

To the Chairman of the Division of
History, Government, and Economics

Dear Sir:

As Chairman of the Committee for the examination of G. C. Means, I have to report that Mr. Means failed to pass his general examination. But the Committee was unanimous in the opinion that he ought to be encouraged to try again. He did better than the average in his theoretical subjects, but was singularly weak in history.

Very truly yours,
[signed]
John H. Williams

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Request to Amend Program
of the General Examinations

HARVARD UNIVERSITY
Department of Economics

H.H. Burbank
41 Holyoke House
Cambridge, Massachusetts
December 10, 1931.

Dear Professor Carver:

Gardner C. Means has requested that he be allowed to change his program somewhat. He plans to stand for the General Examinations in January. He wishes to amend his program so that he will be examined on International Trade rather than Economic History and will satisfy the Economic History requirement by offering credit in Economics 2. This course was taken in 1925-26 before our new regulations went into effect and before Economics 25 was offered.

Very sincerely,
[signed]
H. H. Burbank

HHB: BR

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Request to substitute a field for credit
approved

Dec. 15, 1931

Dear Mr. Means:

This is to inform you that at a meeting of the Committee of Seven, Division of History, Government, and Economics, held on December 14, your petition to change your plan of study to offer course credit in Economic History instead of in International Trade and Tariff Problems, was granted.

Very truly yours,
[unsigned copy]
Chairman

Mr. Gardner [sic] Coit Means

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Scheduling 2nd try
General Examination

Columbia University
in the City of New York

School of Law

December 22, 1931

Professor T. N. Carver,
Harvard University,
Cambridge, Massachusetts.

Dear Professor Carver,

I should like very much to present myself for the General Examination required of candidates for the Degree of Doctor of
Philosophy. I will appear at any time after the first of the year which you indicate though my own convenience would be better served if I were to appear on or about the 13th of January. However, any date within a week of the middle of January would be almost equally convenient.

Very sincerely,
[signed]
Gardiner C. Means.

*  *  *  *  *  *  *  *  *  *  *  *  *  *

Scheduling General Examination,
first iteration for second try

Dec. 28, 1931

Mr. Gardiner C. Means
Columbia University
New York

Dear Mr. Means:
Your letter has cone during Dr. Carver’s absence from Cambridge.

I am scheduling your general examination for Wednesday, January 15, at 4 p.m. Your committee will probably consist of
Professors Williams (chairman), A. H. Cole, and Ripley, and Dr.
Haberler. If there is any change in the personnel, I will let you know.

Very truly yours,
[unsigned copy]
Secretary

*  *  *  *  *  *  *  *  *  *  *  *  *  *

Bullock to Substitute for Ripley
in the General Examination Committee

Jan. 8, 1932

Dear Mr. Means:

I find that Professor Ripley will be in Mexico on the date of your examination, January 13. However, Professor Bullock can take his place on the board. As the committee now stands, it consists of Professors Williams (chairman), A. H. Cole, Bullock, and Dr. O. H. Taylor. If anything further develops, I will let you know.

Very sincerely yours,
[unsigned copy]
Secretary

Mr. Gardner [sic] C. Means

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Time and Place of the
General Examination (2nd try)

Jan. 11, 1932

Dear Professor Williams:

You are chairman of the committee for the general examination of Mr. Gardiner C. Means to be held on Wednesday, January 13, in 42 Holyoke House, at 4 p.m.

The other members of the committee are Professors Bullock and A. H. Cole, and Dr. O. H. Taylor. I enclose Mr. Means’ papers.

In writing the report of the examination, will you please make it somewhat detailed?

Very sincerely yours,
[unsigned copy]
Secretary

Professor John H. Williams

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Passed General Examination, second try

HARVARD UNIVERSITY
Department of Economics

Cambridge, Massachusetts
January 15, 1932

Dear Professor Carver:

Mr. Gardiner C. Means passed his general examination in Economics on January 13. It was the unanimous opinion of the committee that the examination itself was rather poor, but that in view of his good course record he ought to be passed. Apparently Mr. Means is constitutionally unable to answer simple questions directly, and tends to run off at length on tangents of his own, so that it is peculiarly difficult in so short a time as two hours to find out what he really knows and thinks in four subjects. The result was that none of us felt sure whether he did or did not have an adequate grasp of the subjects. We felt that in view of the course record he should have the benefit of the doubt.

Very sincerely yours,
[signed]
John H. Williams

[Handwritten] P.S. Next day, in private conversation, I discovered Means has an intimate knowledge of recent writings in monetary theory, which I was entirely unable to uncover in the exam. J.H.W.

Professor T. N. Carver
772 Widener Library
Cambridge, Massachusetts

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Request to Amend Program
of the General Examinations

HARVARD UNIVERSITY
Department of Economics

H.H. Burbank
41 Holyoke House
Cambridge, Massachusetts
December 7, 1932

Dear Dean Mayo,

I recommend that Gardiner Coit Means be forgiven whatever deficiencies for residence that may appear on his record.

Means has had a checkered career, characterized by work neglected, I am afraid, and brilliant performances. He is the sort of student who cannot, or should not, be held to the usual formal requirements. As a matter of record, I could secure a grade for him in the research work he did with Professor Williams in 1926-27, but I believe that such details are better left unfulfilled and that Means be allowed his residence credit on the basis of general accomplishment.

He passed his General Examination in January last year.

Sincerely yours,
[signed]
H. H. Burbank

Dean Lawrence S. Mayo
24 University Hall

VS

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Division Head Requested to Back the Department Head…please…

HARVARD UNIVERSITY
The Graduate School of Arts and Sciences

24 University Hall, Cambridge, Massachusetts
December 20, 1932

Dear Professor Ferguson:

At its meeting last evening the Administrative Board considered the application of Gardiner C. Means to become a candidate for the doctorate at the end of the current half-year and took no action because Means has had only one and three-quarters years of resident graduate work. At my suggestion Professor Burbank had recommended that Means be forgiven whatever deficiencies for residence might appear in his record. I had thought that this would suffice, but the Board quite properly felt that a recommendation of this kind should come from you as Chairman of the Division instead of from the Chairman of the Department. I enclose Professor Burbank’s letter for your information. All of Means’s graduate study was done in actual residence at Harvard. Under the circumstances do you feel like making a recommendation in his case?

Yours very truly,
[signed]
Lawrence S. Mayo
Assistant Dean

Professor W. S. Ferguson

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Jan. 4, 1933

Dear Mr. Mayo:

On general principles I feel like upholding the recommendation of the Department of Economics. They have the personal
knowledge of Mr. Means which I lack. Though his record is one course short of the requirement for residence, he has, none
the less, taken two full years of work in the Harvard Graduate School and has passed his general examination for the Doctorate.
Speaking for the Division, I should say that the passing of this
examination is our test. It is, I think, for you to decide whether this compensates for a deficiency in his record of courses completed.

Yours sincerely,
[unsigned]
Chairman

Dean Lawrence S. Mayo

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Summary of Thesis Submitted

Columbia University
in the City of New York

School of Law

January 6, 1933.

Chairman of the Division Committee on Graduate Degrees, Division of History, Government and Economics,
Harvard University, Cambridge, Mass.

Dear Sir:

In sending my thesis in partial fulfillment of the requirements of the doctors degree in Economics, I failed to enclose the summary descriptive of the thesis. I am enclosing it herewith and I would very much appreciate it if you would have the summary placed with the thesis.

Very sincerely,
[signed]
Gardiner C. Means

GCM/ Z

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Thesis submitted

Jan. 9, 1933

Dear Mr. Means:

Your thesis came to my office Friday afternoon, and although it was three days late, the postmark indicated that it had been mailed in time and should have been delivered before; therefore it is accepted as of January 3rd.

I do not find any summary, which should accompany every thesis. It should not exceed 1200 words in length. If you have not already prepared one, you had better attend to it at once.

Professor Williams, who would ordinarily read the thesis and be on the committee, is in Europe, to be gone until some time in February. In view of this fact, and also that the summary has not been completed, I wonder if you would not be willing to postpone your examination until after February 1st. Of course this would mean waiting for your degree until Commencement, and you may prefer to go ahead with the examination as planned. Please let me know your thought in regard to this suggestion.

Sincerely yours,
[unsigned copy]
Secretary

Mr. Gardiner C. Means

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John Williams not available for the special examination

Jan. 11, 1933

Dear Mr. Means:

I find that Professor Williams may be abroad indefinitely, so the wisest thing seems to be to go ahead with your examination on January 31st as planned. I will let you know the verdict on the thesis as soon as it is returned to me. I am sorry if I caused you any confusion by my letter of the 9th.

Sincerely yours,
[unsigned copy]
Secretary

Mr. Gardiner C. Means

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Chamberlin asked to read thesis
[carbon copy]

Jan. 12, 1933

Dear Professor Chamberlin:

Will you serve as a member of the committee to read Mr. Gardiner C. Means’ Ph.D. thesis entitled “The Corporate Revolution”?

Professor Mason is the other member of the committee. He has the thesis now, and will hand it to you when he has finished reading it.

The date for Mr. Means’ special examination is Tuesday, January 31. I hope that this time is satisfactory to you. It will be at 4 p.m.

Sincerely yours,
[unsigned copy]
Secretary

Professor E. H. Chamberlin

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Thesis Reports Not Yet Submitted,
Stay Tuned

January 27, 1933

Dear Mr. Means:

The report on your thesis has not yet been returned, and I shall probably not have it before Monday. I will wire you then in time for you to arrange to come on for your special examination on Tuesday afternoon.

Very truly yours,
[unsigned copy]
Secretary

Mr. Gardner C. Means

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Handwritten Draft for Telegram [?]
to Means from Mason

Gardiner C. Means

Thesis acceptable with omission of Part II [NOTE: Means’ theoretical discussion]. Examination tomorrow if you consent; otherwise revise Part II and take examination later.

(signed) E. S. Mason

Jan. 30 / 33

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When and Where
of the Special Examination

Special examination of Mr. Gardner [sic] C. Means
Tuesday, January 31, in 42 Holyoke House
at 4 p.m.
Professor Mason (chairman) and Chamberlin,
and Dr. Monroe

*  *  *  *  *  *  *  *  *  *  *  *  *  *

Passed Special Examination

HARVARD UNIVERSITY
Department of Economics

Cambridge, Massachusetts
Feb. 1, 1933.

Professor W.S. Ferguson, Chairman, Division of History, Government and Economics.

Dear Professor Ferguson–

As Chairman of the Committee for the special examination of Gardiner C. Means I should like to report that the examiners were satisfied with his performance. In view of the difficulty with his thesis the examination was somewhat more extensive than usual and the Committee were unanimously agreed that Mr Means should be passed.

Sincerely yours,
[signed]
Edward S. Mason

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HARVARD UNIVERSITY
The Graduate School of Arts and Sciences

24 University Hall, Cambridge, Massachusetts
February 4, 1933

Dear Wilson:

Would you bring the following matter up for formal action by the Division of History, Government, and Economics?

Mr. Gardner [sic] Coit Means was a member of the Graduate School from 1925-27, and his record on the books stands as follows:

A.M. February 1927.

The Department of Economics recommended that in spite of the fact that this record totals only seven courses Mr. Means be regarded as having satisfied our requirement of two years of work for the Doctor’s degree. Professor Ferguson, as Chairman of the Division, when I consulted him, wrote me as follows:

“On general principles I feel like upholding the recommendation of the Department of Economics. They have the personal knowledge of Mr. Means which I lack. Though his record is one course short of the requirement for residence, he has, none the less, taken two full years of work in the Harvard Graduate School and has passed his general examination for the Doctorate. Speaking for the Division, I should say that the passing of this examination is our test. It is, I think, for you to decide whether this compensates for a deficiency in his record of courses completed.”

When I presented the letter to the Board the members felt that me should have formal action of the Division, not simply recommendation of a Department and more or less informal approval by the Chairman of the Division.

I am afraid this seems like a good deal of letter writing for
a rather simple matter, but I believe it is important to have Division action on the case. If I could have the vote before February 20 I can present the matter at the next meeting of the Board.

Sincerely yours,
[signed]
George H. Chase

Professor G. G. Wilson

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Columbia University
in the City of New York

School of Law

August 10, 1933

Secretary
Department of Goverment, History and Economics
Harvard University
Cambridge, Massachusetts

Dear Sir:

Though I took and passed the final examination and had a thesis accepted as a prerequisite to the receipt of the degree of Doctor of Philosophy, I have never received an official notice indicating that the degree has been granted to me. I have been told that my name was listed among those receiving the degree some time in February or March and I assume that it has been granted. For my records I would appreciate having a letter from an official source indicating my present status.

Very truly yours,
[signed]
Gardiner C. Means

GCM:MB

Source: Harvard University Archives. Division of History, Government & Economics, PhD. Degrees Conferred, Box 12.

__________________________

Harvard Course Names and Instructors

1924-25 (2d hf)

Economics 4b². Professor Ripley. – Trade Unionism and Allied Problems.

Economics 6b². Asst. Professor Meriam. – The Labor Movement in Europe.

Economics 32². Professor Carver. – Economics of Agriculture.

Economics 39². Asst. Professor Williams. – International Finance.

1925-26

Economics 2. Professor Gay. – Economic History from the Industrial Revolution.

Economics 11. Professor Taussig. – Economic Theory.

Economics 33¹. Professor Taussig. – International Trade.

Economics 36². Professor Bonbright (Columbia University). – Regulation of Public Utilities.

Economics 38. Professor Young. – Principles of Money and of Banking.

1926-27

Economics 15¹. Professor Young. – Modern Schools of Economic Thought.

Economics 20. J. H. Williams (2d hf.). Course of Research in Economics.

Economics 37¹. Professor Persons. – Commercial Crises.

History 39¹. Professor Channing. – History of the United States, 1865 to 1920.

Source: Harvard University. Reports of the President of Harvard College for 1924-25, 1925-26 and 1926-27.

__________________________

Gardiner Coit Means
Timeline of his education and career

1896. Born June 8 in Windham, Connecticut.

1912-13. College preparation at the Phillips Exeter Academy.

1913-18. Harvard College, chemistry major.

1917. Enlisted in the Army. Served as 2nd lieutenant in the infantry.

1918-19 Transferred to the Signal Corps, becoming an Army pilot. Survived a plain crash in 1918 while practicing manoeuvres over Long Island.

1918. A.B. awarded by Harvard College.

1919-20. Near East Relief to aid Armenians in Turkey. Supervised a village of 1,000 orphans.

1920-22. Two years sat the Lowell Textile School in Massachusetts.

1922-29. Started and managed a factory that manufactured hand woven fine blankets.

1925-27. Graduate coursework in economics at Harvard University. Commuted to Lowell on classless days to attend to his business.

1927. A.M. in economics awarded by Harvard University.

1927. Married Caroline F. Ware (economist and college professor), June 2.

1927. Adolf A. Berle, Jr., professor at the Columbia University Law School, asks Means to join a Social Science Research Council funded project.

1932. Publication of The Holding Company – Its Public Significance and Its Regulation (with J. C. Bonbright).

1932. Publication of The Modern Corporation and Private Property with Adolf A. Berle, Jr.

1933. Ph.D. degree, Harvard University.

1933-. Adviser to the U.S. Secretary of Agriculture, Henry A. Wallace.

1935. Became a member of the Consumers’ Advisory Board of the National Rescovery Administration.

1935. Published paper, “Price Inflexibility and the Requirements of a Stabilizing Monetary Policy,” Journal of the American Statistical Association.

1935-39. Means moves to the Industrial Section of the National Resources Committee. Alvin H. Hansen displaces Means.

1938. Published Patterns of Resource Use. With statistical assistance of Dr. Louis Pardiso. National Resources Committee.

1935. Gardiner C. Means and his wife Caroline Ware bought a 74 acre farm near Vienna, Virginia.

1936. Published The Modern Economy in Action together with his wife, Caroline F. Ware.

1940-41. Fiscal Analysis in the U.S. Bureau of the Budget.

1943-58. Research Associate at the Committee for Economic Development.

1951-63. Starts up and then runs a private business raising and selling zoysia grass.

1957-1959. Research at the Fund for the Republic.

1959. Published Administrative Inflation and Public Policy. Anderson Kramer Associates, Washington, D.C.

1962. Publication of Pricing Power and the Public Interest.

1975. Published Roots of Inflation. New York: Lennox Hill Publishers.

1980. Over two thirds of their farm land given to the Northern Virginia Regional Park Authority, with the house being donated after his death. Now known as Meadowlark Gardens.

1982. Hoover Institution conference on the fiftieth anniversary of Berle and Means.

1988. Died following a stroke February 15 in Vienna, Virginia.

Image Source: Second page of passport application (January 1919) by Gardiner Coit Means  in the “Uniteds States, Passports Applications, 1795-1925” at Family Search.