Ragnar Frisch

Ragnar Frisch
Ragnar Frisch, c. before 1944
Born
Ragnar Anton Kittil Frisch

(1895-03-03)3 March 1895
Kristiania, Norway
Died31 January 1973(1973-01-31) (aged 77)
Oslo, Norway
NationalityNorwegian
Alma materUniversity of Oslo
Known forEconometrics
Production theory
Frisch elasticity
AwardsNobel Memorial Prize in Economic Sciences (1969)
Scientific career
FieldsEconomics
InstitutionsUniversity of Oslo
Doctoral studentsOlav Reiersøl
Trygve Haavelmo[1]

Ragnar Anton Kittil Frisch (3 March 1895 – 31 January 1973) was an influential Norwegian economist 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.[2][3][4][5] 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.[6]

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.[4] 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.[3][7] He remained at the University of Oslo until his retirement in 1965.

Frisch was one of the founders of the Econometric Society in 1930, and edited the journal Econometrica for its first 21 years.[2]

Ragnar Frisch has given name to the Frisch Medal, which is awarded every year by the Econometric Society for the best paper in econometrics published in the last five years, as well as the Frisch-centre for Applied Economic Analysis at the University of Oslo.[8][9] The Grand Auditorium at the Institute of Economics, University of Oslo also bears his name.[10]

  1. ^ "Ragnar Frisch on Econometree".
  2. ^ a b "Ragnar Frisch | Norwegian economist | Britannica". www.britannica.com. Retrieved 2021-11-11.
  3. ^ a b Bjerkholt, Olav (2020-02-25), "Ragnar Frisch", Norsk biografisk leksikon (in Norwegian Bokmål), retrieved 2021-11-11
  4. ^ a b "Ragnar Frisch". www.hetwebsite.net. Retrieved 2021-11-11.
  5. ^ "Ragnar Frisch". Econlib. Retrieved 2021-11-11.
  6. ^ "The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 1969". NobelPrize.org. Retrieved 2021-11-11.
  7. ^ "The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 1969". NobelPrize.org. Retrieved 2021-11-11.
  8. ^ Gaustadalleen 21, Kontakt Adresse. "Om Frischsenteret - Frischsenteret". www.frisch.uio.no (in Norwegian). Retrieved 2021-11-11.{{cite web}}: CS1 maint: numeric names: authors list (link)
  9. ^ "Awards | The Econometric Society". www.econometricsociety.org. Retrieved 2021-11-11.
  10. ^ Telefon, Besøksadresse Sognsveien 77 0855 OSLO Postadresse Postboks 1095 Blindern 0317 OSLO; faks. "Frisch- og Haavelmo-jubileum: Dei valde korte, lette studium og fekk Nobelprisen begge to - Økonomisk institutt (ØI)". www.sv.uio.no (in Norwegian). Retrieved 2021-11-11.{{cite web}}: CS1 maint: numeric names: authors list (link)