Which economist shared the 1974 Nobel Prize in Economics with Friedrich Hayek?

Gunnar Myrdal shared the 1974 Nobel Prize in Economics with Friedrich Hayek.

Myrdal and Hayek were honored 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. Their approaches differed substantially, making the joint award especially notable.

Myrdal studied cumulative causation, arguing that economic and social forces can reinforce one another rather than naturally moving toward balance. His work examined poverty, development, race relations, and the role of institutions. He also served as a Swedish politician and government official.

The 1974 award is sometimes remembered mainly for Hayek, but Myrdal was an equal co-laureate. Myrdal’s wife, Alva Myrdal, won the 1982 Nobel Peace Prize, making the couple notable Nobel recipients in different fields.