Ragnar Frisch

Quotes

• “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.”
• “I believe that economic theory has arrived at a point in its development where the appeal to quantitative empirical data has become more necessary than ever. At the same time its analyses have reached a degree of complexity that require the application of a more refined scientific method than that employed by the classical economists.”
• “Two important features in the modern development of economics are the application of mathematics to abstract economic reasoning... and the attempt at placing economics on a numerical and experimental basis by an intensive study of economic statistics.”
• “In the last decade's intensive study of all sorts of social and economic time series, it has become clear, it seems to me, that the usual time series technique is not quite adequate for the purpose which the social investigator is pursuing... We want to find out on more or less empirical grounds what is actually present in the series at hand, that is to say, what sort of components the series contains.”
• “I approached the problem of utility measurement in 1923 during a stay in Paris. There were three objects I had in view :”
• “The majority of the economic oscillations which we encounter seem to be explained most plausibly as free oscillations.”

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