- Stockholm school (economics)
The Stockholm school, or "Stockholmsskolan", is a school of economic thought. It refers to a loosely organized group of Swedish
economists that worked together, in Stockholm, Swedenprimarily in the 1930s. Stockholm school had at the same time as John Maynard Keynesbut independently came to the same conclusions on the Macro economicsand the theories of Demandand Supply. They like Keynes, were inspired by the works of Knut Wicksell, a Swedish economist at the turn of the century 1900.
Two of the most prominent members of the Stockholm school were
Stockholm School of Economicsprofessors Gunnar Myrdaland Bertil Ohlin. The movements name, "the Stockholm school", was launched in an article by Bertil Ohlin in the influential "Economic Journal" in 1937. The article was published in response to the publication of Maynard Keynes' "magnum opus" " General Theory of Employment, Interest and Money" in 1936, and its purpose was to draw international attention to the Swedish discoveries in the field, many of which had predated Keyneses discoveries.
Myrdal and Ohlin went on to further develop their theories, and in so doing they developed the intellectual underpinnings and theoretical basis of the modern
Northern European welfare state. Their theories were embraced and implemented as national policy by the two powerful arms of the Swedish labor movement; the Swedish Social Democratic Partyand the national labor union the Swedish Trade Union Confederation. In the post- WWIIgeopolitical situation with two rival predatory political blocks, their theories also got wide international appeal as a "third way", i.e. a middle way between a capitalist economy and a socialist economy. The objective of the "third way" being to achieve high levels of social equality, without stifling private entrepreneurship.
Stockholm School of Economics, and later Stockholm University, professor Gunnar Myrdalspent many years in the U.S. working the book " An American Dilemma: The Negro Problem and Modern Democracy", an investigation into the situation of African Americans, funded by the Carnegie Foundation. Gunnar Myrdal co-authored together with his wife Alva Myrdalthe book "Kris i befolkningsfrågan" (Swedish: 'Crisis in the population issue'), published in 1934. The book served as a major source of inspiration for the construction of the modern Swedish welfare state, relying heavily on governmentintervention and social engineeringto create a "people's home" (Swedish: "Folkhemmet"). The work has later been critized for its discussions on racial issues. Myrdal received the Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel(also known as the "Nobel Prize for Economics") in 1974.
Stockholm School of Economicsprofessor Bertil Ohlinwas party leader of the Swedish Liberal People's Party (Sweden), the largest opposition party in the Swedish Parliament, for over twenty years ( 1944- 1967), battling the powerful incumbent Social Democrat government. Professor Ohlin developed, together with professor Eli Heckscher, the world-wide standard economic model of international trade, the " Heckscher-Ohlin theory". Ohlin received the Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel(also known as the "Nobel Prize for Economics") in 1977.
Gustav Cassel, professor of economics at the Stockholm University, created the standard mathematical formula for Purchasing Power Parity, a central theory in microeconomics.
Dag Hammarskjöld, economist. 2nd Secretary-General of the United Nations. In office 10 April 1953– 18 September 1961(when he died in a plane crash on a peace keeping mission to Kongo). Dag Hammarskjöld is the only person to have been awarded the Nobel Peace Prizeposthumously ( Alfred Nobel's testamentexplicitely states that the prize should only be awarded to the living).
Other members, such as
Erik Lundberg, continued as business cycleoriented economists.
Stockholm School of Economics( Sweden's leading universityspecialized towards economics, financeand business management. Situated in the capitalcity Stockholm.)
*cite journal |last=Patinkin |first=Don |authorlink= |coauthors= |year=1978 |month= |title=On the Relation between Keynesian Economics and the ‘Stockholm School’ |journal=The Scandinavian Journal of Economics |volume=80 |issue=2 |pages=135–143 |doi=10.2307/3439878 |url= |accessdate= |quote=
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