description Ragnar Frisch Overview
Ragnar Frisch was a Norwegian economist who helped establish econometrics as a distinct field combining economic theory, mathematics, and statistical measurement. He coined the term econometrics and helped found the Econometric Society. Frisch shared the inaugural 1969 Nobel Memorial Prize in Economic Sciences with Jan Tinbergen for developing and applying dynamic models to the analysis of economic processes.
help Ragnar Frisch FAQ
Did Ragnar Frisch invent the word econometrics?
Frisch coined the term econometrics and helped define the field as a synthesis of economic theory, mathematics, and statistical observation. He also helped establish the Econometric Society in 1930 and served as an editor of Econometrica.
Why did Ragnar Frisch share the first economics Nobel?
Frisch shared the inaugural 1969 prize with Jan Tinbergen. They were recognized for developing and applying dynamic models to the analysis of economic processes.
What do impulse and propagation mean in Frisch's business-cycle theory?
Frisch distinguished impulses, which are outside shocks, from propagation mechanisms, which determine how an economy carries and transforms those shocks over time. This distinction remains recognizable in modern macroeconomic models of business cycles.
Did Ragnar Frisch introduce the terms macroeconomics and microeconomics?
Frisch is widely credited with introducing the microeconomic and macroeconomic distinction into modern economic discussion. The terms separate analysis of individual households and firms from analysis of economy-wide output, employment, and prices.
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