On July 26, 1977, the economist Oskar Morgenstern died in New York.
Oskar Morgenstern studied social science at the University of Vienna, was a student of the liberalist theorist Ludwig Mises and a member of the Vienna Circle. In 1929 he became a lecturer in political economics at the University of Vienna, and in 1931-1938 he succeeded Friedrich August Hayek as head of the "Österreichische Institut für Konjunkturforschung".
After the "Anschluss" to the German Reich, Morgenstern did not return from the USA to Austria. From then he taught at Princeton University. A little later, the University of Vienna revoked his venia legendi.
In 1944 Oskar Morgenstern, together with John von Neumann in Princeton, developed the game theory, which mathematically analyzes the strategic behavior between humans and their conflicts. In 1963 he and Paul Felix Lazarsfeld founded the “Institut für Höhere Studien” in Vienna.
In 1965, the University of Vienna awarded him a honorary doctorate. In 2012, the square in front of the Faculties of Economics and Mathematics was renamed "Oskar-Morgenstern-Platz" and since 2013 the Faculty of Economics awards an "Oskar Morgenstern-Medaille".
