Abstract
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.
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