Gunnar Myrdal

AAA

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.

INVESTOPEDIA EXPLAINS '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. Social Economics

    A branch of economics that focuses on the relationship between ...
  2. Economist

    An expert who studies the relationship between a society's resources ...
  3. Economics

    A social science that studies how individuals, governments, firms ...
  4. Homo Economicus

    A term that describes the rational human being assumed by some ...
  5. Friedrich Hayek

    A famous economist born in Vienna, Austria, in 1899. Friedrich ...
  6. Premium to Surplus Ratio

    Net premiums written divided by policyholders’ surplus. The premium ...
Related Articles
  1. Fundamental Analysis

    How Influential Economists Changed Our History

    Find out how these five groundbreaking thinkers laid our financial foundations.
  2. Austrian School of Economics, von Hayek
    Economics

    The Austrian School Of Economics

    Investopedia explains: If you think economists are only concerned with numbers, check out the Austrian School, who are more like economic philosophers.
  3. Adam Smith is considered the founder of modern economics.
    Economics

    Adam Smith: The Father Of Economics

    This free thinker promoted free trade at a time when governments controlled most commercial interests.
  4. Economics

    The Uncertainty Of Economics: Exploring The Dismal Science

    Learning about the study of economics can help you understand why you face contradictions in the market.
  5. Economics

    Why Can't Economists Agree?

    There are many reasons why economists can be given the same data and come up with entirely different conclusions.
  6. Bonds & Fixed Income

    Can Keynesian Economics Reduce Boom-Bust Cycles?

    Learn about a British economist's proposed solution to a common economic problem.
  7. Active Trading

    Giants Of Finance: John Maynard Keynes

    This rock star of economics advocated government intervention at a time of free-market thinking.
  8. Economics

    How A Limited Government Affects A Country's Finances

    Countries with limited governments have fewer laws about what individuals and businesses can and can’t do. What's the net result?
  9. Investing Basics

    How Does Goodwill Affect Financial Statements?

    Goodwill is a bit of a paradox--intangible, yet it is recorded as an asset on the purchasing company's balance sheet.
  10. Investing Basics

    Using Normal Distribution Formula To Optimize Your Portfolio

    Normal or bell curve distribution can be used in portfolio theory to help portfolio managers maximize return and minimize risk.

You May Also Like

Hot Definitions
  1. Commodity

    1. A basic good used in commerce that is interchangeable with other commodities of the same type. Commodities are most often ...
  2. Deferred Revenue

    Advance payments or unearned revenue, recorded on the recipient's balance sheet as a liability, until the services have been ...
  3. Multinational Corporation - MNC

    A corporation that has its facilities and other assets in at least one country other than its home country. Such companies ...
  4. SWOT Analysis

    A tool that identifies the strengths, weaknesses, opportunities and threats of an organization. Specifically, SWOT is a basic, ...
  5. Simple Interest

    A quick method of calculating the interest charge on a loan. Simple interest is determined by multiplying the interest rate ...
  6. Special Administrative Region - SAR

    Unique geographical areas with a high degree of autonomy set up by the People's Republic of China. The Special Administrative ...
Trading Center