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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 Ragnar Frisch (1926)

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More quotes by Ragnar Frisch

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)

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