By David Howden
The paradox of the awarding of the 1974 Nobel Memorial Prize in Economic Science is really just run for the course. Friedrich Hayek and Gunnar Myrdal shared the prize that year – both for their work on monetary fluctuations and the business cycle. While there were some affinities between the two early in their careers – both used a Wicksellian foundation, stressed the importance of Knightian uncertainty and the role of ex ante expectations versus ex post results in investment decisions – by the time the elder economists won their Nobels they were almost polar opposites. Hayek had moved to his work on to the social order of a free society while Myrdal had taken on a decidedly more socialistic bent.
Read the full article here.
The paradox of the awarding of the 1974 Nobel Memorial Prize in Economic Science is really just run for the course. Friedrich Hayek and Gunnar Myrdal shared the prize that year – both for their work on monetary fluctuations and the business cycle. While there were some affinities between the two early in their careers – both used a Wicksellian foundation, stressed the importance of Knightian uncertainty and the role of ex ante expectations versus ex post results in investment decisions – by the time the elder economists won their Nobels they were almost polar opposites. Hayek had moved to his work on to the social order of a free society while Myrdal had taken on a decidedly more socialistic bent.
Read the full article here.
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