Gunnar Myrdal was born December 6, 1898, in Gustafs, Sweden. Until the early 1930s, he emphasized pure theory, in sharp contrast to his later concern with applied economics and social problems. Myrdal applied this theoretical approach to macroeconomics in 1931, when, as a member of the Stockholm school of economics, he delivered the lectures resulting in Monetary Equilibrium (1939). Myrdal died in Stockholm on May 17, 1987.
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