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Ragnar Frisch was a Norwegian economist who lived from 1895 to 1973 and made significant contributions to the field of economics during the 20th century. He matters because his work helped advance economic theory and analysis, establishing methods that economists continue to use today.
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5 total works indexed
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· 2012 · cited 6,597x
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· 1998 · cited 4,913x
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- “Intermediate between mathematics, statistics, and economics, we find a new discipline which, for lack of a better name, may be called econometrics. Econometrics has as its aim to subject abstract laws of theoretical political economy or "pure" economics to experimental and numerical verification, and thus to turn pure economics, as far as possible, into a science in the strict sense of the word.”
Article
Ragnar Anton Kittil Frisch (3 March 1895 – 31 January 1973) was an influential Norwegian economist and econometrician known for being one of the major contributors to establishing economics as a quantitative and statistically informed science in the early 20th century. He coined the term econometrics in 1926 for utilising statistical methods to describe economic systems, as well as the terms microeconomics and macroeconomics in 1933, for describing individual and aggregate economic systems, respectively. He was the first to develop a statistically informed model of business cycles in 1933. Later work on the model, together with Jan Tinbergen, won the first Nobel Memorial Prize in Economic Sciences in 1969.
Frisch became dr.philos. with a thesis on mathematics and statistics at the University of Oslo in 1926. After his doctoral thesis, he spent five years researching in the United States at the University of Minnesota and Yale University. After teaching briefly at Yale from 1930–31, he was offered a full professorship in economics, which he declined after pressures by colleagues to return to the University of Oslo. After returning to Oslo, Frisch was first appointed by the King-in-Council as Professor of Economics and Statistics at the Faculty of Law, University of Oslo (then the Royal Frederick University) in 1931, before becoming leader of the newly founded Institute of Economics at the University of Oslo in 1932. He remained at the University of Oslo until his retirement in 1965.
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1895 births1973 deaths20th-century Norwegian economists20th-century statisticiansAcademic staff of the Faculty of Law, University of OsloAcademic staff of the University of OsloBerg concentration camp survivorsBredtveit concentration camp survivorsCorresponding fellows of the British AcademyEconometriciansEconomics journal editorsFellows of the Econometric Society