Means, Thorp, and Neal on Price Inflexibility
DURING the late I930'S the between economic concentration and depression price behavior was a matter of considerable controversy. At the heart of the controversy were three elaborate statistical works.' The first, by Gardiner Means, found that a rough relationship existed between economic concentration and price rigidity; the second, by Willard Thorp and Walter Crowder, concluded that there was no such and that indeed price rigidity could be explained by the characteristics of the product (durability, use, etc.); and the third, by Alfred Neal, found that differences in price change are associated with differences in changes of direct costs and are therefore not to be attributed to differences in concentration. This article represents an attempt at a critical evaluation of these studies.
- DOI
- 10.2307/1926503
- Volume
- 38 (4)
- Pages
- 427
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