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Gunnar MyrdalSwedish economist and politician, Nobel Prize laureate.
Date of Birth: 06.12.1898
Country:  Sweden |
Content:
Biography of Gunnar Myrdal
Gunnar Myrdal was a Swedish economist and politician who was awarded the Nobel Prize in Economics. Some scholars argue that this prestigious prize was not enough recognition for Myrdal, as he is believed to have laid the foundations for John Maynard Keynes' theories.
Myrdal was born in Gustafs, Sweden, to Karl Adolf Pettersson, a railroad worker, and Anna Sofia Karlsson. In 1914, Karl changed the family name to "Myrdal" in honor of their family farm in Dalarna. In 1919, Karl met Alva Reimer, and they got married in 1924.
Myrdal obtained his degree in law from Stockholm University in 1923. His doctoral dissertation, which analyzed the principles of pricing, greatly influenced the Stockholm School of Economics. He drew inspiration from Knut Wicksell's theories in his work. From 1925 to 1929, Myrdal studied in Britain and Germany, and from 1929 to 1930, he worked in the United States. During this time, he wrote and published his first books.
Upon returning to Europe, Myrdal worked as an assistant professor in a Geneva educational institution in Switzerland for a year. He was known for his interest in abstract mathematical models and contributed to the establishment of the Econometric Society in London. However, he later criticized the excessive reliance on mathematical models, arguing that they often ignored wealth distribution issues and resulted in false correlations.
Over time, Myrdal became a staunch supporter of John Maynard Keynes, although they did not agree on everything. Some argue that Myrdal discovered certain theories attributed to Keynes much earlier, but it was Keynes who presented them to the public.
In 1933, Myrdal became a member of the Swedish Parliament for the Social Democratic Party. During World War II, he vocally opposed Nazism. From 1945 to 1947, Myrdal served as the Minister of Trade in Tage Erlander's government. Some attribute the Swedish financial crisis of 1947 to Myrdal's actions, while others criticize him for his financial agreements with the Soviet Union.
In 1947, Myrdal became the Executive Secretary of the United Nations Economic Commission for Europe. In this position, he founded one of the most renowned and largest research centers specializing in economic analysis and the development of normative legal frameworks. From 1960 to 1967, Myrdal held the position of professor of international economics at Stockholm University. In 1961, he established the Institute for International Economic Studies at the university.
In 1974, Myrdal shared the Nobel Prize in Economics with Friedrich Hayek. Interestingly, Myrdal had advocated for the abolition of the prize, as he believed it was being awarded to "reactionaries" like Hayek and Milton Friedman.
