What was Myrdal's contribution to economic theory?
Theory of money and economic fluctuations
Supply and demand
Game theory
Behavioral economics
Answer
Myrdal's contribution to economic theory was his Theory of Money and Economic Fluctuations. This theory proposed that economic fluctuations are caused by changes in the money supply. When the money supply increases, it leads to inflation and economic growth. Conversely, when the money supply decreases, it leads to deflation and economic recession. Myrdal's theory was influential in shaping economic policy during the Great Depression and beyond.
Exploring the Legacy of Gunnar Myrdal: A Quiz on the Swedish Economist and Sociologist
Related Quizzes
Subscribe Now!
Learn something
new everyday
Playing quizzes is free! We send 1 quiz every week to your inbox