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Foundations of Contemporary Economics: Gunnar Myrdal, the Welfare State and Economic Development

Author

Listed:
  • Teodor Sedlarski
  • Henrik Egbert
  • Aleksandar B. Todorov

Abstract

Europe, he strived to keep communication intact between the Eastern and Western blocks through facilitating trade relations in the Cold War. Myrdal is most known for his impact on development theory. He was one of the first economists to address the topics of development, modernization, and integration of the newly set-up states after the Second World War. His development theory rejected the traditional neoclassical approach, which focused mainly on economic growth through capital accumulation and free trade. Instead, Myrdal stressed that reforms in developing countries must structurally transform the whole society and those institutions that hinder development. In Myrdal’s theory a strong state plays a central role in such transformations. Myrdal was also among the first who addressed endogenous problems of development. He (together with Hayek) received the Nobel Memorial Prize for Economics in 1974 for his work in the theory of money and his contributions to institutional analysis.

Suggested Citation

  • Teodor Sedlarski & Henrik Egbert & Aleksandar B. Todorov, 2022. "Foundations of Contemporary Economics: Gunnar Myrdal, the Welfare State and Economic Development," Ikonomiceski i Sotsialni Alternativi, University of National and World Economy, Sofia, Bulgaria, issue 3, pages 120-130, September.
    • Handle: RePEc:nwe:iisabg:y:2022:i:3:p:120-130
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    More about this item

    Keywords

    economic development; welfare state; Gunnar Myrdal; circular cumulative causation; developing economy; soft state; expansive fiscal policy; monetary equilibrium; race segregation; protoKeynesianism;
    All these keywords.

    JEL classification:

    • B31 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals - - - Individuals
    • E51 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Money Supply; Credit; Money Multipliers
    • F02 - International Economics - - General - - - International Economic Order and Integration
    • F54 - International Economics - - International Relations, National Security, and International Political Economy - - - Colonialism; Imperialism; Postcolonialism
    • F63 - International Economics - - Economic Impacts of Globalization - - - Economic Development
    • O21 - Economic Development, Innovation, Technological Change, and Growth - - Development Planning and Policy - - - Planning Models; Planning Policy
    • O43 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Institutions and Growth

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