Ragnar Frisch
Ragnar Frisch | |
---|---|
Frisch elasticity | |
Awards | Nobel Memorial Prize in Economic Sciences (1969) |
Scientific career | |
Fields | Economics |
Institutions | University of Oslo |
Doctoral students | Olav 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
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]
Background and education
Family and early years
Ragnar Frisch
Being expected to continue his family business, Frisch became an
Early career and further education
In 1921 Frisch received a fellowship from the university which enabled him to spend three years studying economics and mathematics in France and England. After his return to Norway, in 1923, although the family's business was having difficulties, he continued his scientific activity, believing that research, not jewellery, was his real calling.[13] He published a few papers about probability theory, started teaching at the University of Oslo during 1925 and, in 1926, he obtained the Dr. Philos. degree with a thesis in mathematical statistics.
Also in 1926, Frisch published an article
Frisch received a fellowship from the
Later career
Although his fellowship was extended to travel to Italy and France, the next year Frisch had to return to Norway because of his father's death. He spent one year to modernize and recapitalize his family's workshop by selling family assets and to find a jeweller to manage the business for him. Then he resumed academic work, in 1928 being appointed Associate Professor of statistics and economics at the Oslo University. During 1927 and 1928 Frisch published a series of articles on the statistics of time series. In 1929 he published his first important essay on econometric methodology, "Correlation and scatter in statistical variables",[15] followed in the same year by "Statics and dynamics in economic theory", which introduced dynamics in economic analysis.[16]
Frisch became a full Professor at the university in 1931. He also founded at the university the Rockefeller-funded Institute of Economics in 1932 and became its Director of Research.
Ragnar Frisch received the Antonio Feltrinelli prize from the
During the
Family
Frisch married Marie Smedal in 1920 and they had a daughter, Ragna (b. 1938[21]). His granddaughter, Nadia Hasnaoui (Ragna's child), became a Norwegian television performer. After his first wife died in 1952, he remarried in 1953 with childhood friend Astrid Johannessen.[11] who died in 1980.
Work
Frisch was one of the founders of economics as a modern science. He made a number of significant advances in the field of economics and coined a number of new words including
In econometrics he worked on time series (1927) and linear regression analysis (1934). With
His 1933 work on impulse-propagation business cycles became one of the principles of modern
He was one of the founders of the Econometric Society and editor of Econometrica for over twenty years. The Frisch Medal, so named in his honor, is given every two years for the best paper published in the aforementioned Econometrica in the previous five years.
Frisch's most important hobby was bee-keeping, for which Frisch performed genetic studies.[24]
Selected publications
- Frisch, Ragnar (1926). "Kvantitativ formulering av den teoretiske økonomikks lover [Quantitative formulation of the laws of economic theory]". Statsøkonomisk Tidsskrift. 40: 299–334.
- Frisch, Ragnar (1926). "Sur un problème d'économie pure [On a problem in pure economics]". Norsk Matematisk Forenings Skrifter, Oslo. 1 (16): 1–40.
- Frisch, Ragnar (1927). "Sammenhengen mellem primærinvestering og reinvestering [The relationship between primary investment and reinvestment]". Statsøkonomisk Tidsskrift. 41: 117–152.
- Frisch, Ragnar (1929). "Correlation and scatter in statistical variables". Nordic Statistical Journal. 1: 36–102.
- Frisch, Ragnar (1929). "Statikk og dynamikk i den økonomiske teori [Statics and dynamics in economic theory]". Nationaløkonomisk Tidsskrift. 67: 321–379.
- Frisch, Ragnar (1933). "Propagation problems and impulse problems in dynamic economics". Economic Essays in Honour of Gustav Cassel: 171–205.
There is a bibliography of Frisch's writings up to 1960 in
- Arrow, Kenneth J. (1960). "The Work of Ragnar Frisch, Econometrician". JSTOR 1907716.
and there is a collection of selected essays
- Bjerkholt, Olav, ed. (1995). Foundations of Modern Econometrics: The Selected Essays of Ragnar Frisch. 2 volumes. Aldershot, UK: Edward Elgar.
References
- ^ "Ragnar Frisch on Econometree".
- ^ a b "Ragnar Frisch | Norwegian economist | Britannica". www.britannica.com. Retrieved 2021-11-11.
- ^ a b Bjerkholt, Olav (2020-02-25), "Ragnar Frisch", Norsk biografisk leksikon (in Norwegian Bokmål), retrieved 2021-11-11
- ^ a b "Ragnar Frisch". www.hetwebsite.net. Retrieved 2021-11-11.
- ^ "Ragnar Frisch". Econlib. Retrieved 2021-11-11.
- ^ "The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 1969". NobelPrize.org. Retrieved 2021-11-11.
- ^ "The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 1969". NobelPrize.org. Retrieved 2021-11-11.
- ^ 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) - ^ "Awards | The Econometric Society". www.econometricsociety.org. Retrieved 2021-11-11.
- ^ 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) - ^ World Scientific Publishing Co. Archived from the originalon 2013-06-05. Retrieved 2006-11-20.
- ^ Huhnhäuser, Alfred (1944). Die deutsche Einwanderung in Kongsberg. Beiträge zur Geschichte des Deutschtums in Norwegen. Oslo.
{{cite book}}
: CS1 maint: location missing publisher (link) - ^ a b Olav Bjerkholt (2000), "A turning point in the development of Norwegian economics – the establishment of the University Institute of Economics in 1932". Memorandum No 36/2000, University of Oslo
- ^ "Quantitative formulation of the laws of economic theory" (see Selected Publications)
- JSTOR 2341822.
- ^ See Selected Publications
- ^ "The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 1969".
- ^ "Ragnar Anton Kittil Frisch". American Academy of Arts & Sciences. Retrieved 2022-08-31.
- ^ "APS Member History". search.amphilsoc.org. Retrieved 2022-08-31.
- ISBN 978-82-15-00288-0.
- ^ Bjerkholt, Olav. "Ragnar Frisch 1895-1995" (PDF). Statistics Norway Research Department.
- ^ Frisch, Ragnar (1965). Theory of Production. Chicago, IL: Rand McNally and Company.
- ^ Bjerkholt, Olav (September 2014). "Ragnar Frisch and the Postwar Norwegian Economy: A Critical Comment on Sæther and Eriksen" (PDF). Econ Journal Watch. 11 (3): 297–312. Retrieved November 8, 2014.
- ^ "Ragnar Frisch:Facts". nobelprize.org. Retrieved 2024-03-21.
Further reading
- Strøm, Steinar, ed. (1998). "Ragnar Frisch and his Contributions to Economics". Econometrics and Economic Theory in the 20th Century. New York: Cambridge University Press. pp. 3–108. ISBN 978-0-521-63365-9.
External links
- Ragnar Frisch on Nobelprize.org
- Ragnar Frisch at nobel-winners.com
- IDEAS/RePEc
- Ragnar Frisch (1895–1973). )