Gunnar Myrdal

DEFINITION of 'Gunnar Myrdal'

A Swedish economist, sociologist and politician who won the 1974 Nobel Memorial Prize in Economics, along with Friedrich Hayek, for his application of economics to social, demographic and institutional problems. Gunnar Myrdal's research focused on economic theory, applied economics, social problems and developmental economics.

BREAKING DOWN 'Gunnar Myrdal'

Myrdal was born in 1898 in Sweden and died in 1987. He earned his law degree and doctorate in economics from the University of Stockholm, where he later became a professor of political and international economy. Myrdal became famous for his 1944 book, "An American Dilemma: The Negro Problem In Modern Democracy", which criticized the separate but equal doctrine and contributed to the end of legal racial segregation in schools. He also showed how economic policies implemented by FDR, including the minimum wage law and restrictions on cotton production, hurt African Americans. Myrdal's other well-known books explored the problem of economic development in Southern Asia and the declining birth rate in Sweden.

RELATED TERMS
  1. Friedrich Hayek

    A famous economist born in Vienna, Austria, in 1899. Friedrich ...
  2. Nobel Memorial Prize In Economic ...

    A prestigious award acknowledging outstanding contributions to ...
  3. Kenneth Arrow

    An American neoclassical economist who won the Nobel Memorial ...
  4. Douglass C. North

    An American economist and winner of the 1993 Nobel Memorial Prize ...
  5. Bertil Ohlin

    A Swedish economist who received the 1977 Nobel Memorial Prize ...
  6. Paul Samuelson

    The first American to win the Nobel Memorial Prize in Economics, ...
Related Articles
  1. Economics

    5 Nobel Prize-Winning Economic Theories You Should Know About

    Here are 5 prize-winning economic theories that you’ll want to be familiar with.
  2. Fundamental Analysis

    How Influential Economists Changed Our History

    Find out how these five groundbreaking thinkers laid our financial foundations.
  3. Fundamental Analysis

    The Difference Between Finance And Economics

    Learn the differences between these closely related disciplines and how they inform and influence each other.
  4. Retirement

    Americans Are Living Longer, but Social Security Is Not Catching Up

    Find out how Social Security really works, why the system is in trouble and whether retirees are simply living too long for Social Security to remain viable.
  5. Economics

    What's a Political Economy?

    Economics and politics are intrinsically linked. An economy is frequently one of the biggest points of contention between different political parties. And a political party’s ideologies will ...
  6. Economics

    Macroeconomics: Conclusion

    By Stephen Simpson Given the enormous scale of government budgets and the impact of economic policy on consumers and businesses, macroeconomics clearly concerns itself with significant issues. ...
  7. Economics

    Is Infinite Economic Growth on a Finite Planet Possible?

    While the finite nature of Earth's resources limits the direction of economic growth, it does not mean that infinite economic growth is impossible.
  8. Professionals

    A Day In The Life Of An Economist

    We've interviewed three economists with very different job descriptions to give you an idea of the many possibilities this career choice offers.
  9. Economics

    How Demographics Drive The Economy

    Demographics can have a profound effect on the economy. An aging population coupled with a declining birthrate points to a decline in economic growth.
  10. Mutual Funds & ETFs

    The Top 3 ETFs For Investing in Sweden

    Discover a selection of popular exchange-traded funds, or ETFs, that offer investors the ability to access exposure to the Swedish equities market.
RELATED FAQS
  1. What are some of the limitations and drawbacks of economics as a field?

    Find out why the field of economics is full of controversy. Policy decisions, political campaigns and personal finances are ... Read Answer >>
  2. Where does stimulus economics come from?

    Depending on which type of economist you talk to, stimulus economics originated from the ideas of either a book published ... Read Answer >>
  3. What is the Mont Pelerin Society?

    The Mont Pelerin Society was formed in 1947 when economist Friedrich von Hayek invited 39 people to meet at Mont Pelerin ... Read Answer >>
  4. What are key economic growth rates that can be used to determine the economic health ...

    Discover the indicators that correlate with real economic health, and learn why many traditional metrics do not function ... Read Answer >>
  5. Are perfect competition models in economics useful?

    Take a look at some of the arguments made by the proponents and critics of the theory of perfect competition in contemporary ... Read Answer >>
  6. How does macroeconomics explain "stagflation"?

    Learn about stagflation: a macroeconomic term used to describe economic turmoil. It is a time of serious inflation, slow ... Read Answer >>
Hot Definitions
  1. Quarter - Q1, Q2, Q3, Q4

    A three-month period on a financial calendar that acts as a basis for the reporting of earnings and the paying of dividends.
  2. Weighted Average Cost Of Capital - WACC

    Weighted average cost of capital (WACC) is a calculation of a firm's cost of capital in which each category of capital is ...
  3. Basis Point (BPS)

    A unit that is equal to 1/100th of 1%, and is used to denote the change in a financial instrument. The basis point is commonly ...
  4. Sharing Economy

    An economic model in which individuals are able to borrow or rent assets owned by someone else.
  5. Unlevered Beta

    A type of metric that compares the risk of an unlevered company to the risk of the market. The unlevered beta is the beta ...
  6. Treasury Inflation Protected Securities - TIPS

    A treasury security that is indexed to inflation in order to protect investors from the negative effects of inflation. TIPS ...
Trading Center