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1895–1973 Norway
Ragnar Anton Kittil Frisch (3 March 1895 – 31 January 1973) was a Norwegian economist and the co-winner with Jan Tinbergen of the first Nobel Memorial Prize in Economic Sciences in 1969. He is known for having founded the discipline of econometrics, and in 1933 to have created the widely used term pair macroeconomics/microeconomics.
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The majority of the economic oscillations which we encounter seem to be explained most plausibly as free oscillations.
Certain exterior impulses hit the economic mechanism and thereby initiate more or less regular oscillations.
Deep in the human nature there is an almost irresistible tendency to concentrate physical and mental energy on attempts at solving problems that seem to be unsolvable.
It is the unification of all three that is powerful. And it is this unification that constitutes econometrics.
(Econometrics is) the unification of economic theory, statistics and mathematics.
Warren Page (2013)
There is also present another source of energy operating in a more continuous fashion and being more intimately connected with the permanent evolution in human societies.
At present the national budget plays a very large role in the whole financial policy of our country.
Frisch (1947)
I have insisted that econometrics must have relevance to concrete realities, otherwise it degenerates into something which is not worthy of the name econometrics, but ought rather to be called playometrics.
Frequently we even go so far as to assume linear relationships. Only in this way have we been able to feed our problems into the electronic computers and get mechanical answers quickly and at low cost.
R. Frisch (1964)
I approached the problem of utility measurement in 1923 during a stay in Paris. There were three objects I had in view
The propagation problem is the problem of explaining by the structural properties of the swinging system what the character of the swings would be in case the system was started in some initial situation
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.
Ragnar Frisch (1926)
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.
When talking about the methodology in the particular fields mentioned - about which I am supposed to have a little more than second hand knowledge - I have always found it utterly inadequate to focus attention only on these special fields without seeing them in a much broader perspective.
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.
Ragnar Frisch (1926)
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