Gunnar Myrdal awarded 1974 Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel

In the 1930’s, Gunnar Myrdal made several important contributions to the so-called Stockholm School of economics, for example by emphasizing how expectations affect economic fluctuations. His later works also included social and political aspects of society, in particular An American Dilemma from 1944 on racial problems in the US. The book played an important role in the debate and the decisions on civil rights in the following decades. The book Asian Drama from 1968 on the sources of overpopulation and poverty in South Asia had a great impact and affected research and the social debate on the problems facing developing countries.

Gunnar Myrdal devoted his time between academic work and politics. He was very influential in the Social Democratic Party and became one of the most important architects of the crisis policy in the 1930’s with increased public ventures to counteract the depression. Moreover, he had a great influence on Swedish welfare policy together with his wife Alva, also an active politician. Gunnar Myrdal had several national and international appointments, for example, such as Swedish Minister of Commerce and Executive Secretary of the United Nations Economic Commission for Europe 1947–1957.

Gunnar Myrdal was Professor of Economics at Stockholm University College during the years 1933–1950. In 1962, he founded the Institute for International Economics Studies at Stockholm University and he was its director until 1967.

Gunnar Myrdal shared the prize in Economic Sciences with Friedrich von Hayek in 1974.