The two scholars picked by the Royal Swedish Academy of Sciences last week to share the $125,000 Nobel Prize in Economics have many things in common. Sweden's Gunnar Myrdal and Austrian-born, British-naturalized Friedrich A. von Hayek are both, at 75, still vigorously writing and teaching as visiting professors Myrdal at the City College of New York and Von Hayek at Salzburg University. Both men achieved early recognition, as the academy noted, "for their pioneering work in the theory of money and economic fluctuations." And both gained their widest audiences by going...
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