Wigforss became one of the main theoreticians in the development of the Swedish Social Democratic movement's revision of Marxism, from a revolutionary to a reformist organization.

Born in the town of Halmstad in Halland in southwestern Sweden, Wigforss studied at Lund University from 1899, and published writings on political issues in this period.

He was made temporary Minister of Finance on 24 January 1925 when Fredrik Thorsson fell ill, and succeeded him on 8 May of the same year, following his death.

), widely believed to have won the 1932 elections for the Social Democrats, he made fun of the Liberal theory that budget cuts are the proper remedy for economic downturns.

After his resignation, Wigforss continued until his death to write and speak on political issues and was considered one of the most innovative and daring Social Democratic politicians.