Swedish economist (1898–1987)
Karl Gunnar Myrdal (6 December 1898 – 17 May 1987) was a Swedish economist, sociologist, and politician, best known in the United States for his study of race relations, which culminated in his book . 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." (Nobel Memorial Prize, 1974)
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The further away a scholarly opinion is from direct observation and the more abstract and ‘theoretical’ it is, the more defenseless it becomes against insidious opportunist errors of judgment. In economics, model thinking in particular creates scope for systematic biases... But of course all social studies must nevertheless aim at generalization. It is thus important to be able to think concretely at the same time, as I learnt from Gustav Cassel.
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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 .
In this sense the Negro problem is not only America's greatest failure but also America's incomparably great opportunity for the future. If America should follow its own deepest convictions, its well-being at home would be increased directly. At the same time America's prestige and power abroad would rise immensely.
Of all the calamities that have struck the rural Negro people in the South in recent decades—soil erosion, the infiltration of white tenants into plantation areas, the ravages of the boll weevil, the southwestern shift in cotton cultivation—none has had such grave consequences, or threatens to have such lasting effect, as the combination of world agricultural trends and federal agricultural policies initiated during the thirties.
Generally speaking, the less privileged groups in democratic society, as they become aware of their interests and their political power, will be found to press for more and more state intervention in practically all fields. Their interest clearly lies in having individual contracts subordinated as much as possible to general norms, laid down in laws, regulations, administrative dispositions, and semi-voluntary agreements between apparently private, but in reality, quasi-public organizations [e.g., wage agreements between Swedish unions and employers' confederations, and their counterparts in other countries].
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.