Gunnar Myrdal

Karl Gunnar Myrdal (Swedish: [ˈmyːɖɑːl]; 6 December 1898 – 17 May 1987) was a Swedish economist and sociologist. In 1974, he received the Nobel Memorial Prize in Economic Sciences with Friedrich Hayek for "their pioneering work in the theory of money and economic fluctuations and for their penetrating analysis of the interdependence of economic, social and institutional phenomena."[1] He is best known in the United States for his study of race relations, which culminated in his book An American Dilemma: The Negro Problem and Modern Democracy. The study was influential in the 1954 landmark U.S. Supreme Court Decision Brown v. Board of Education. In Sweden his work and political influence were important to the establishment of the Folkhemmet and the welfare state.

Gunnar Myrdal
Gunnar Myrdal 1964 002 (cropped)
Gunnar Myrdal in January 1964
Born
Karl Gunnar Myrdal

6 December 1898
Died17 May 1987 (aged 88)
Danderyd, Sweden
NationalitySwedish
Alma materStockholm University
Known forMonetary equilibrium,

Ex-ante,

Circular cumulative causation
Spouse(s)
Alva Myrdal (m. 1924)
AwardsNobel Memorial Prize in Economic Sciences (1974)[1]
Bronislaw Malinowski Award (1975)
Scientific career
FieldsEconomics, Politics, Sociology
InstitutionsNYU, Stockholm University
Doctoral advisorGustav Cassel
Doctoral studentsRudolf Meidner
InfluencesKnut Wicksell
John R. Commons[2]
Raúl Prebisch
InfluencedHa-Joon Chang
G. L. S. Shackle

Early life and education

Myrdal was born on 6 December 1898 in Skattungbyn, Sweden, to Karl Adolf Pettersson (1876–1934), a railroad employee, and his wife Anna Sofia Karlsson (1878–1965). He took the name Myrdal in 1914 after his ancestors' farm Myr in Dalarna.

There is a possibly apocryphal story about an interaction between him and Gustav Cassel, where Cassel was reported to say, "Gunnar, you should be more respectful to your elders, because it is we who will determine your promotion," and he replied, "Yes, but it is we who will write your obituaries."[3]

Gunnar Myrdal graduated with a law degree from Stockholm University in 1923 and a doctorate in economics in 1927. In 1919, he met Alva Reimer, whom he married in 1924.[4]

In Gunnar Myrdal's doctoral dissertation, published in 1927, he examined the role of expectations in price formation. His analysis strongly influenced the Stockholm school. He built on Knut Wicksell's theories of cumulative process of endogenous money, stressing the importance of Knightian uncertainty and Ex ante and Ex post expectations role in the economic process.

Early career

Between 1925 and 1929 he studied in Britain and Germany. He was a Rockefeller Fellow and visited the United States in 1929–1930. During this period he published his first books, including The Political Element in the Development of Economic Theory. Returning to Europe, he served for one year as associate professor in the Graduate Institute of International Studies, Geneva, Switzerland.[5]

Gunnar Myrdal was at first fascinated by the abstract mathematical models coming into fashion in the 1920s, and helped found the Econometric Society in London. Later, however, he accused the movement of ignoring the problem of distribution of wealth in its obsession with economic growth, of using faulty statistics and substituting Greek letters for missing data in its formulas and of flouting logic. He wrote, "Correlations are not explanations and besides, they can be as spurious as the high correlation in Finland between foxes killed and divorces." Professor Myrdal was an early supporter of the theses of John Maynard Keynes, although he maintained that the basic idea of adjusting national budgets to slow or speed an economy was first developed by him and articulated in his book Monetary Economics, published in 1932, four years prior to Keynes' General Theory of Employment, Interest and Money.[3]

William Barber’s comment upon Myrdal’s work on monetary theory goes like this:

If his contribution had been available to readers of English before 1936, it is interesting to speculate whether the ‘revolution’ in macroeconomic theory of the depression decade would be referred to as 'Myrdalian' as much as 'Keynesian'.[6]

Economist G. L. S. Shackle claimed the importance of Gunnar Myrdal's analysis by which saving and investment are allowed to adjust ex ante to each other. However, the reference to ex ante and ex post analysis has become so usual in modern macroeconomics that the position of Keynes to not include it in his work was currently considered as an oddity, if not a mistake. As Shackle put it:

Myrdalian ex ante language would have saved the General Theory from describing the flow of investment and the flow of saving as identically, tautologically equal, and within the same discourse, treating their equality as a condition which may, or not, be fulfilled.[7]

Gunnar Myrdal also developed the key concept circular cumulative causation, a multi-causal approach where the core variables and their linkages are delineated.

Academic career

Gunnar Myrdal became professor at Stockholms Högskola 1933.[8] Myrdal was professor of economics at Stockholms Högskola for 15 years, until 1947.[8]

He became a Social Democratic Member of Parliament from 1933 and from 1945 to 1947 he served as Trade Minister in Tage Erlander's government. During this period he was heavily criticised for his financial agreement with the Soviet Union. At the same time he was accused of being responsible for the Swedish monetary crisis in 1947.[9]

He coauthored with his wife, Alva Myrdal, the Crisis in the Population Question (Swedish: Kris i befolkningsfrågan, 1934). The work of Gunnar and Alva inspired policies adopted by the Minister of Social Affairs, Gustav Möller, to provide social support to families.

Gunnar Myrdal headed a comprehensive study of sociological, economic, anthropological and legal data on race relations in the United States funded by the Carnegie Corporation, starting in 1938. The result of the effort was Gunnar Myrdal's best-known work, An American Dilemma: The Negro Problem and Modern Democracy, published in 1944, written with the collaboration of R. M. E. Sterner and Arnold Rose.[10] He characterized the problem of race relations as a dilemma because of a perceived conflict between high ideals, embodied in what he called the "American Creed," on the one hand and poor performance on the other. In the generations since the Civil War, the U.S. had been unable to put its human rights ideals into practice for the African-American tenth of its population.[11] This book was cited by the U.S. Supreme Court in its 1954 decision in Brown v. Board of Education, which outlawed racial segregation in public schools. Myrdal planned on doing a similar study on gender inequality, but he could not find funding for this project and never completed it.

World War II and after

During World War II, Gunnar Myrdal was staunchly and publicly anti-Nazi. Together with his wife, Alva, he wrote Contact with America in 1941, which praised the United States' democratic institutions.[12]

Gunnar Myrdal became the Executive Secretary of the United Nations Economic Commission for Europe in 1947. During his tenure, he founded one of the leading centers of economic research and policy development.[13] After ten years in the position, Dr. Myrdal resigned as Executive Secretary in 1957. In 1956 and 1957, he was able to publish An International Economy, Problems and Prospects, Rich Lands and Poor and Economic Theory and Underdeveloped Regions. Myrdal was also a signatory of the 1950 UNESCO statement The Race Question, which rebuts the theories of racial supremacy and purity, and also influenced the Brown v. Board of Education decision. In 1956, Myrdal wrote the foreword for African American author Richard Wright's The Color Curtain: A Report on the Bandung Conference.

Between 1960 and 1967, he was a professor of international economics at Stockholm University. In 1961, he founded the Institute for International Economic Studies at the University. Throughout the 1960s, he worked on a comprehensive study of trends and policies in South Asia for the Twentieth Century Fund. The study culminated in his three-volume Asian Drama: An Inquiry into the Poverty of Nations, published in 1968. In 1970, he published a companion book called The Challenge of World Poverty, where he laid out what he believed to be the chief policy solutions to the problems he outlined in Asian Drama.

Gunnar Myrdal strongly opposed the Vietnam War. In Asian Drama, Myrdal predicted that land reform and pacification would fail in Vietnam and urged the United States to begin negotiations with North Vietnam. After returning to Sweden, he headed the Swedish Vietnam Committee and became co-chair of International Commission of Inquiry Into U.S. War Crimes in Indochina. He also presided over the Stockholm International Peace Research Institute, an international watch-dog for the arms trade.[14] He was one of the signers of the Humanist Manifesto.[15]

In 1967 Myrdal received an honorary doctorate from Sir George Williams University, which later became Concordia University.[16]

In 1971 both he and his wife received honorary doctorates from Gustavus Adolphus College in Saint Peter, Minnesota.

He shared the Bank of Sweden Prize in Economic Sciences (otherwise known as the Nobel Memorial Prize in Economics) with Friedrich Hayek in 1974,[17] but argued for its abolition because it had been given to such "reactionaries" as Hayek and Milton Friedman.

During 1974-1975, he served as visiting professor at NYU.[18]

Myrdal received an Honorary Doctorate from Heriot-Watt University in 1979.[19]

Personal life

Myrdal was married to politician and diplomat Alva Myrdal in 1924, and together had two daughters, Kaj Fölster (mother of Swedish economist Stefan Fölster) and Sissela Bok, and a son, Jan Myrdal.

Myrdal was hospitalized for two months before he died in a hospital in Danderyd, near Stockholm, on 17 May 1987. His daughter Kaj Fölster and his grandson, Janken Myrdal, were present.[20]

Contributions to the philosophy of knowledge

Gunnar Myrdal's scientific influence was not limited to economics. Through the introduction to "Asian Drama" with the title "The Beam in our Eyes" (a biblical reference; cf. Matthew 7:1–2) he introduced the approach mentioned as scientific relativism of values. This behavioral approach is narrowly connected to behavioralism and is built on the idea that the logical gulf between "is" and "ought" is more sophisticated than just dividing premises into categories. The articles edited in "Value in Social Theory" underlines Myrdal's importance to political science. As political science normally is considered more descriptive than economics, one might get the idea that Myrdal should not have dealt systematically with the values applied to economics. On the contrary, Myrdal connected social science, political science and economics as a practitioner.

Myrdal published many notable works, both before and after American Dilemma and, among many other contributions to social and public policy, founded and chaired the Stockholm International Peace Research Institute. Internationally revered as a father-figure of social policy, he contributed to social democratic thinking throughout the world, in collaboration with friends and colleagues in the political and academic arenas. Sweden and Britain were among the pioneers of a welfare state and books by Myrdal (Beyond the Welfare State – New Haven, 1958) and Richard Titmuss (Essays on “The Welfare State” – London, 1958) unsurprisingly explore similar themes. Myrdal's theoretical key concept "circular cumulative causation" contributed to the development of modern Non-equilibrium economics.[21]

Welfare World

The welfare world enable to redistribute a welfare not only in a country but also in the whole world. At the Cold War time, In Beyond the welfare state he wrote, he proposed idea of welfare world to break the limitation of the West welfare state. However, he also thought it is more difficult to establish the welfare world than a welfare state.[22]

He pointed out the following limitations of the welfare state:

  • Nationalism of already existing Western welfare states preventing development in underdeveloped countries.
  • Other difficulties of development in the developing countries.
  • Existence of the communist countries acting as a provocateur for more revolutionary transformations.

Publications

  • The Political Element in the Development of Economic Theory. (1930)
  • The Cost of Living in Sweden, 1830–1930 (1933)
  • Crisis in the Population Question (1934)
  • Fiscal Policy in the Business Cycle. The American Economic Review, vol 21, no 1, Mar 1939.
  • Population, a Problem for Democracy. Harvard University Press, 1940.
  • Contact With America (1941)[23]
  • An American Dilemma: The Negro Problem and Modern Democracy. Harper & Bros, 1944.
  • Social Trends in America and Strategic Approaches to the Negro Problem. Phylon, Vol. 9, No. 3, 3rd Quarter, 1948.
  • Conference of the British Sociological Association, 1953. II Opening Address: The Relation between Social Theory and Social Policy The British Journal of Sociology, Vol. 4, No. 3, Sept. 1953.
  • An International Economy, Problems and Prospects. Harper & Brothers Publishers, 1956.
  • Rich Lands and Poor. 1957.
  • Economic Theory and Underdeveloped Regions, Gerald Duckworth, 1957.
  • Value in Social Theory: A Selection of Essays on Methodology. Ed. Paul Streeten, published by Harper, 1958.
  • Myrdal (1960). Beyond the Welfare State. Yale University Press.
  • Challenge to Affluence. Random House, 1963.
  • America and Vietnam – Transition, No. 3, Oct, 1967.
  • Twenty Years of the United Nations Economic Commission for Europe. International Organization, Vol 22, No. 3, Summer, 1968.
  • Asian Drama: An Inquiry into the Poverty of Nations, 1968.
  • Objectivity in Social Research, 1969.
  • The Challenge of World Poverty: A World Anti-Poverty Program in Outline. 1970.
  • Against the Stream.
  • Hur Styrs Landet?, 1982.
  • Gunnar Myrdal on Population Policy in the Underdeveloped World – Population and Development Review, Vol 13, No. 3, Sept. 1987.
  • The Equality Issue in World Development – The American Economic Review, vol 79, no 6, Dec 1989.

References

  1. ^ a b "The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 1974". NobelPrize.org. Retrieved 2009-11-27.
  2. ^ Walter A. Jackson, Gunnar Myrdal and America's Conscience: Social Engineering and Racial Liberalism, 1938–1987, UNC Press Books, 1994, p. 62.
  3. ^ a b "Gunnar Myrdal, Analyst of Race Crisis, Dies". The New York Times. 1987-05-18. Retrieved 2010-08-17.
  4. ^ "(Karl) Gunnar Mydral Biography". biography.com. August 9, 2010. Archived from the original on August 18, 2010. Retrieved 2010-08-09
  5. ^ "Biography". nobelprize.org. August 9, 2010. Retrieved 2010-08-09
  6. ^ William J. Barber, 2008. Gunnar Myrdal: An Intellectual Biography. Basingstoke, UK, and New York: Palgrave Macmillan
  7. ^ Shackle, G.L.S. (1989) "What did the General Theory do?", in J. Pheby (ed), New Directions in Post-keynesian Economics, Aldershot: Edward Elgar.
  8. ^ a b http://www.ne.se/gunnar-myrdal
  9. ^ Örjan Appelqvist (1999:1): "Gunnar Myrdal i svensk politik 1943–1947 – En svensk Roosevelt och hans vantolkade nederlag". NORDEUROPAforum, pp. 33–51, http://edoc.hu-berlin.de/nordeuropaforum/1999-1/appelqvist-oerjan-33/XML/
  10. ^ "Gunnar Myrdal Facts, information, pictures". Encyclopedia.com. August 11, 2010. Retrieved 2010-08-11
  11. ^ "An American Dilemma". PBS.org. August 9, 2010. Retrieved 2010-08-09
  12. ^ "Gunnar Myrdal, Analyst of Race Crisis, Dies". The New York Times. Retrieved 2010-08-17.
  13. ^ "Gunnar Myrdal, An Intellectual Biography". Epress.anu.edu.au. August 11, 2010. Archived from the original on 2011-04-11. Retrieved 2010-08-11
  14. ^ nytimes.com, Gunnar Myrdal, Analyst of Race Crisis, Dies. Retrieved 2010-08-17.
  15. ^ "Humanist Manifesto II". American Humanist Association. Retrieved October 10, 2012.
  16. ^ "Honorary Degree Citation - Karl Gunnar Myrdal* | Concordia University Archives". archives.concordia.ca. Retrieved 2016-03-29.
  17. ^ "The Prize in Economics 1974". nobelprize.org. August 9, 2010. Retrieved 2010-08-09
  18. ^ https://books.google.com/books?id=sf2tmfIyplQC&pg=PA285&lpg=PA285&dq=Gunnar+Myrdal+new+york+university+visiting+professor&source=bl&ots=c_dvmbsK8b&sig=8eBtPIy_chqCfmyhrt5kOjB4ovk&hl=en&sa=X&ved=0ahUKEwjZxpatxLDQAhUj64MKHb3rAu4Q6AEIIDAB#v=onepage&q=Gunnar%20Myrdal%20new%20york%20university%20visiting%20professor&f=false
  19. ^ webperson@hw.ac.uk. "Heriot-Watt University Edinburgh: Honorary Graduates". www1.hw.ac.uk. Retrieved 2016-04-06.
  20. ^ "Gunnar Myrdal, Analyst of Race Crisis, Dies". The New York Times. 1987-05-18. Retrieved 2010-08-17.
  21. ^ Berger, Sebastian (July 6, 2009). The Foundations of Non-Equilibrium Economics. The principle of circular and cumulative causation. Routledge. ISBN 978-0-415-77780-3. Retrieved 21 October 2010.
  22. ^ Myrdal (1960), p. 220 (by the Japanese ed.).
  23. ^ Gene Robers and Hank Klibanoff; The Race Beat: The Press, The Civil Rights Struggle, and the Awakening of a Nation. 2006. USA.

External links

Awards
Preceded by
Wassily Leontief
Laureate of the Nobel Memorial Prize in Economics
1974
Served alongside: Friedrich August von Hayek
Succeeded by
Leonid Vitaliyevich Kantorovich
Tjalling C. Koopmans
Alva Myrdal

Alva Myrdal (Swedish: [ˈalːva ˈmyːɖɑːl]; née Reimer; 31 January 1902 – 1 February 1986) was a Swedish sociologist, diplomat and politician. She was a prominent leader of the disarmament movement. She, along with Alfonso Garcia Robles, received the Nobel Peace Prize in 1982. She married Gunnar Myrdal in 1924.

An American Dilemma

An American Dilemma: The Negro Problem and Modern Democracy is a 1944 study of race relations authored by Swedish Nobel-laureate economist Gunnar Myrdal and funded by Carnegie Corporation of New York. The foundation chose Myrdal because it thought that as a non-American, he could offer a more unbiased opinion. Myrdal's volume, at nearly 1,500 pages, painstakingly detailed what he saw as obstacles to full participation in American society that American Negroes faced as of the 1940s. Ralph Bunche served as Gunnar Myrdal's main researcher and writer at the start of the project in the Fall of 1938.It sold over 100,000 copies and went through 25 printings before going into its second edition in 1965. It was enormously influential in how racial issues were viewed in the United States, and it was cited in the landmark Brown v. Board of Education case "in general". The book was generally positive in its outlook on the future of race relations in America, taking the view that democracy would triumph over racism. In many ways it laid the groundwork for future policies of racial integration and affirmative action.

Circular cumulative causation

Circular cumulative causation is a theory developed by Swedish economist Gunnar Myrdal in the year 1956. It is a multi-causal approach where the core variables and their linkages are delineated. The idea behind it is that a change in one form of an institution will lead to successive changes in other institutions. These changes are circular in that they continue in a cycle, many times in a negative way, in which there is no end, and cumulative in that they persist in each round. The change does not occur all at once as that would lead to chaos, rather the changes occur gradually.

Gunnar Myrdal developed the concept from Knut Wicksell and developed it with Nicholas Kaldor when they worked together at the United Nations Economic Commission for Europe. Myrdal concentrated on the social provisioning aspect of development, while Kaldor concentrated on demand-supply relationships to the manufacturing sector.

Crisis in the Population Question

Crisis in the Population Question (Swedish: Kris i befolkningsfrågan) was a 1934 book by Alva and Gunnar Myrdal, who discussed the declining birthrate in Sweden and proposed possible solutions. The book was influential in the debate that created the Swedish welfare model.

Esben Sloth Andersen

Esben Sloth Andersen is an emeritus professor in economics at Aalborg University.Esben Sloth Andersen's research revolves around evolutionary economics with emphasis on innovation and its role in economic growth. Furthermore, he has worked with computer simulation and history of theory. Within this field, Esben Sloth Andersen was awarded the “Gunnar Myrdal prize” in 2010 by the European Association for Evolutionary Political Economy.

European Association for Evolutionary Political Economy

The European Association for Evolutionary Political Economy (EAEPE) is a pluralist forum of social scientists that brings together institutional and evolutionary economists broadly defined. EAEPE members are scholars working on realistic approaches to economic theory and economic policy. With a membership of about 500, EAEPE is now the foremost European association for heterodox economists and the second-largest association for economists in Europe.

Ex-ante

The term ex-ante (sometimes written ex ante or exante) is a phrase meaning "before the event". Ex-ante or national demand refers to the desire for goods and services which is not backed by the ability to pay for those goods and services. This is also termed as ‘wants of people’. Ex-ante is used most commonly in the commercial world, where results of a particular action, or series of actions, are forecast in advance (or intended). The opposite of ex-ante is ex-post (actual) (or ex post). Buying a lottery ticket loses you money ex ante (in expectation), but if you win, it was the right decision ex post.Examples:

In the financial world, the ex-ante return is the expected return of an investment portfolio.

In the recruitment industry, ex-ante is often used when forecasting resource requirements on large future projects.The ex-ante (and ex-post) reasoning in economic topics was introduced

mainly by Swedish economist Gunnar Myrdal in his 1927–39 work on monetary theory, who

described it in this way:

An important distinction exists between prospective and retrospective methods of calculating economic quantities such as incomes, savings, and investments; and [...] a corresponding distinction of great theoretical importance must be drawn between two alternative methods of defining these quantities. Quantities defined in terms of measurements made at the end of the period in question are referred to as ex post; quantities defined in terms of action planned at the beginning of the period in question are referred to as ex ante.)

Focusing attention on the relation between saving and investment, Myrdal argued

that one may without any contradiction consider that, as they are made by separate

agents, ex ante saving and investment decisions are not at parity in general while ex post saving and investment are recorded in bookkeeping balance exactly:

There is in fact no contradiction at all between the statement of an exact bookkeeping balance ex post and the obvious inference that in a situation when saving is increasing without a corresponding increase of investment, or perhaps with an adverse movement in investment, there must be a tendency ex ante to a disparity. (Gunnar Myrdal, Monetary Equilibrium, London : W. Hodge 1939: 46)

This analysis has become a standard tool in macroeconomics.

Prices are quantities that directly refer to a point of time: they are determined at a point of time, after an ex ante adjustment process has taken place. As for the macroeconomic quantities, Myrdal proposed to refer to the point of time at which they are calculated.

Gunnar Myrdal further explained that ex ante disparity and ex post balance are made consistent through price changes, which result from the behavior of economic agents, which is based on ex ante anticipations:

For these anticipations determine the behaviour of the economic subjects and consequently those changes in the whole price system which during a period actually occur as a result of the actions of individuals. (Gunnar Myrdal,Monetary Equilibrium, London : W. Hodge 1939: 121)

In context of ex-ante, the Swedish economist Myrdal also dealt with the question of the unit of time, which he proposed to solve by reducing the actual time-dimension of macroeconomic variables such as income, saving and investment to a point of time:

Some of these quantities refer directly to a point of time. That is true of "capital value" as also of such quantities as demand and supply prices. Other terms – as e.g. "income", "revenue", "return", "expenses", "savings", "investments" – imply, however, a time period for which they are reckoned. But in order to be unambiguous they must also refer to a point of time at which they are calculated. (Gunnar Myrdal, Monetary Equilibrium, London : W. Hodge 1939: 46–7)

Economist G. L. S. Shackle claimed the importance of Gunnar Myrdal´s analysis by which saving and investment are allowed to adjust ex ante to each other. However, the reference to ex ante and ex post analysis has become so usual in modern macroeconomics that the position of John Maynard Keynes to not include it in his work was

currently considered as an oddity, if not a mistake. As Shackle put it:

Myrdalian ex ante language would have saved the General Theory from describing the flow of investment and the flow of saving as identically, tautologically equal, and within the same discourse, treating their equality as a condition which may, or not, be fulfilled. (Shackle, G.L.S. (1989) "What did the General Theory do?", in J. Pheby (ed), New Directions in Post-keynesian Economics, Aldershot: Edward Elgar.)

International Group of Democratic Socialists

International Group of Democratic Socialists (German: Internationale Gruppe demokratischer Sozialisten, often nicknamed as Kleine Internationale) was a Stockholm-based discussion group and study circle of social democrats, active from 1942 to 1945. Participants included Willy Brandt, Alva Myrdal, Gunnar Myrdal and Bruno Kreisky. The group focused largely on discussions of rebuilding post-war Europe.

Knut Wicksell

Johan Gustaf Knut Wicksell (December 20, 1851 – May 3, 1926) was a leading Swedish economist of the Stockholm school. His economic contributions would influence both the Keynesian and Austrian schools of economic thought. He was married to the noted feminist Anna Bugge.

Nicholas Kaldor

Nicholas Kaldor, Baron Kaldor (12 May 1908 – 30 September 1986), born Káldor Miklós, was a Cambridge economist in the post-war period. He developed the "compensation" criteria called Kaldor–Hicks efficiency for welfare comparisons (1939), derived the cobweb model, and argued for certain regularities observable in economic growth, which are called Kaldor's growth laws. Kaldor worked alongside Gunnar Myrdal to develop the key concept Circular Cumulative Causation, a multicausal approach where the core variables and their linkages are delineated. Both Myrdal and Kaldor examine circular relationships, where the interdependencies between factors are relatively strong, and where variables interlink in the determination of major processes.

Gunnar Myrdal got the concept from Knut Wicksell and developed it alongside Nicholas Kaldor when they worked together at the United Nations Economic Commission for Europe. Myrdal concentrated on the social provisioning aspect of development, while Kaldor concentrated on demand-supply relationships to the manufacturing sector. Kaldor also coined the term "convenience yield" related to commodity markets and the so-called theory of storage, which was initially developed by Holbrook Working.

Non-equilibrium economics

Non-equilibrium economics understands economic processes as non-equilibrium phenomena, as opposed to standard neoclassical equilibrium economics. This approach is consistent with our understanding of life processes as non-equilibrium phenomena. It is represented by modern researchers in the fields of evolutionary-institutional economics, Post Keynesian economics, Ecological Economics, development and growth economics. The early contributions to this theory were made by Thorstein Veblen, Gunnar Myrdal, Karl William Kapp and Nicholas Kaldor. Many contributions have been made to this field in recent years, such as "The Foundations of Non-Equilibrium Economics: The Principle of Circular Cumulative Causation" (2009), Routledge.Related fields of economics include Complexity economics and Evolutionary economics.

Norra Real

Norra Real ("Northern Real") is an upper-secondary school, located on Roslagsgatan 1 in Stockholm, Sweden. The school is the oldest upper-secondary school in Stockholm and one of the most difficult to get accepted into.A number of prominent researchers and Swedish socialites have attended the school, including Manne Siegbahn (Nobel Prize laureate in Physics), Gunnar Myrdal (Nobel Prize laureate in Economic Sciences), Horace Engdahl (permanent secretary of the Swedish Academy from 1999 to June 2009), and Leif G. W. Persson (criminologist and novelist).

Positive economics

Positive economics (as opposed to normative economics) is the branch of economics that concerns the description and explanation of economic phenomena. It focuses on facts and cause-and-effect behavioral relationships and includes the development and testing of economic theories. An earlier term was value-free (German: wertfrei) economics.

Positive economics as science, concerns analysis of economic behavior. A standard theoretical statement of positive economics as operationally meaningful theorems is in Paul Samuelson's Foundations of Economic Analysis (1947). Positive economics as such avoids economic value judgements. For example, a positive economic theory might describe how money supply growth affects inflation, but it does not provide any instruction on what policy ought to be followed.

Still, positive economics is commonly deemed necessary for the ranking of economic policies or outcomes as to acceptability, which is normative economics. Positive economics is sometimes defined as the economics of "what is", whereas normative economics discusses "what ought to be". The distinction was exposited by John Neville Keynes (1891) and elaborated by Milton Friedman in an influential 1953 essay.The methodological basis for a positive/normative distinction has its roots in the fact-value distinction in philosophy, the principal proponents of such distinctions being David Hume and G. E. Moore. The logical basis of such a relation as a dichotomy has been disputed in the philosophical literature. Such debates are reflected in discussion of positive science and specifically in economics, where critics, such as Gunnar Myrdal (1954), and proponents of Feminist Economics such as Julie A. Nelson, Geoff Schneider and Jean Shackelford, and Diana Strassmann, dispute the idea that economics can be completely neutral and agenda-free.

Positive economics concerns what is. To illustrate, an example of a positive economic statement is as follows: "The unemployment rate in France is higher than that in the United States." Another is: “An increase in government spending would lower the unemployment rate.” Either of these is potentially falsifiable. In contrast, a normative statement is, for example, “Government spending should be increased.”

Sissela Bok

Sissela Bok (née Myrdal; 2 December 1934) is a Swedish-born American philosopher and ethicist, the daughter of two Nobel Prize winners: Gunnar Myrdal who won the Economics prize with Friedrich Hayek in 1974, and Alva Myrdal who won the Nobel Peace Prize in 1982.

Soft State

The Soft State is a term introduced by Gunnar Myrdal in his Asian Drama to describe a general societal “indiscipline” prevalent in South Asia and by extension much of the developing world - in comparison to kind of modern state that had emerged in Europe. Myrdal used the term to describe:

... all the various types of social indiscipline which manifest themselves by deficiencies in legislation and, in particular, law observance and enforcement, a widespread disobedience by public officials and, often, their collusion with powerful persons and groups ... whose conduct they should regulate. Within the concept of the soft states belongs also corruption (Myrdal, (1970), p 208).For Myrdal a major causal factor was colonial powers' destruction of many of the traditional centers of local power and influence and failure to create viable alternatives. Coupled with this was the development of an attitude of disobedience to any authority which was central to the nationalist politics resistance. This attitude persisted after independence. Such soft states are seen as unlikely to capable of imposing the right development policies and would be unwilling to act against corruption at all levels.

Stefan Fölster

Stefan Fölster (born 23 June 1959) is a Swedish economist and author. He is the President of the Swedish Reform Institute and associate professor at KTH Royal Institute of Technology in Stockholm.

Fölster is the author and co-author of several books on economic reform, including Robotrevolutionen, which looks at the winners and losers in the digital age, and Renaissance of Reforms, that was based on an analysis of 109 governments that completed their term of power in OECD countries between the mid-1990s and 2012. With Dag Detter, Fölster wrote The Public Wealth of Nations: How Management of Public Assets Can Boost or Bust Economic Growth (Palgrave, 2015), included in The Economist — Books of the Year 2015 and the Financial Times, FT's Best Books of the Year 2015.Fölster was born in Germany, the grandchild of Nobel Prize winner Gunnar Myrdal and of Alva Myrdal. He spent his early years in Germany, studied economics at UCLA in Los Angeles and at Oxford. His early career includes economic research at Swedish institutions including the Ministry of Finance, Stockholm University and Research Institute of Industrial Economics. Between 1998–2001 he was heading the HUI Research and between 2001–2012 the Chief Economist at The Confederation of Swedish Enterprise.

Stockholm school (economics)

The Stockholm School (Swedish: Stockholmsskolan), is a school of economic thought. It refers to a loosely organized group of Swedish economists that worked together, in Stockholm, Sweden primarily in the 1930s.

The Stockholm School had—like John Maynard Keynes—come to the same conclusions in macroeconomics and the theories of demand and supply. Like Keynes, they were inspired by the works of Knut Wicksell, a Swedish economist active in the early years of the twentieth century.

William Barber’s comment upon Gunnar Myrdal´s work on monetary theory goes like this:

“If his contribution had been available to readers of English before 1936, it is interesting to speculate whether the ‘revolution’ in macroeconomic theory of the depression decade would be referred to as ‘Myrdalian’ as much as ‘Keynesian’”

The Scandinavian Journal of Economics

The Scandinavian Journal of Economics was established as the Ekonomisk Tidskrift (in Swedish) in 1899 by David Davidson. It became The Swedish Journal of Economics in 1965 (in English) and then The Scandinavian Journal of Economics in 1976. Davidson was the editor until his retirement in 1939 at the age of 85, having run it virtually as a one-man operation.

In its early history all articles were written in Swedish. The first article in English was printed in 1947. The journal published many important works by Gustaf Cassel, Knut Wicksell, Eli Heckscher, Gunnar Myrdal, and Erik Lindahl. It is owned by a non-profit association and published on its behalf by Wiley-Blackwell.

Uppsala Association of International Affairs

The Uppsala Association of Foreign Affairs (Swedish: Utrikespolitiska föreningen i Uppsala (UF Uppsala)) is a politically and religiously independent association that strives to create debate around international issues. It has a strong connection to Uppsala University in Sweden, with most of its members being students at the university. It is also part of the Swedish Association of International Affairs (SAIA), which serves as an umbrella organization.

The main activity of the association is lectures held by invited guests. They can be politicians, diplomats, journalists or experts on specific fields connected to foreign affairs. Over the years the association has been visited by prominent people such as Gunnar Myrdal, Olof Palme, Günther Wallraff, Boutros Boutros-Ghali, Hans Blix, Fredrik Reinfeldt and Ban Ki-moon. Further, the association organizes study trips to foreign countries, publishes a foreign affairs magazine named Uttryck, and hosts a weekly radio broadcast.

1969–1975
1976–2000
2001–present
Chemistry
Literature
Peace
Physics
Physiology or Medicine
Economic Sciences
Pre-modern
Early modern
Modern
20th- and 21st-century
Related
Executive Secretaries of the United Nations Economic Commission for Europe (UNECE)
Institutional economists
Key concepts and ideas
Related fields

This page is based on a Wikipedia article written by authors (here).
Text is available under the CC BY-SA 3.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.