Ragnar Frisch

Anton Frisch (1865-1928)

Ragnar Frisch (3 March 1895 – 31 January 1973) was a Norwegian economist and the co-recipient of the first Nobel Memorial Prize in Economic Sciences in 1969, which he shared with Jan Tinbergen. He is known for his foundational role in the establishment of econometrics as a discipline and for his contributions to the field of macroeconomics. Frisch's work laid the groundwork for future economic analysis and policy-making, influencing generations of economists.

Early Life and Education

Ragnar Frisch was born in Oslo, Norway, into a family of goldsmiths. He initially intended to follow in his family's footsteps but was drawn to economics and mathematics during his studies. Frisch pursued his education at the University of Oslo, where he received a degree in economics. He furthered his studies abroad, including at the Sorbonne in Paris and at various institutions in England and Italy, where he was influenced by leading economists of the time.

Career and Contributions

Frisch returned to Norway and began his academic career at the University of Oslo, where he would spend the majority of his professional life. His early work involved statistical analysis and the application of mathematical methods to economic problems, which was pioneering at the time.

One of Frisch's significant contributions to economics was the introduction of the terms "microeconomics" and "macroeconomics," which have since become fundamental to the discipline. He was instrumental in developing the field of econometrics, which seeks to apply mathematical and statistical techniques to economic data to test hypotheses and forecast future trends.

Frisch also made substantial contributions to the theory of production and consumption, and he was among the first to model economic growth and cycles mathematically. His work in these areas helped to shape the development of modern macroeconomic theory.

In addition to his theoretical work, Frisch was deeply involved in the practical application of economic analysis to policy-making. He advised the Norwegian government on various economic and social policy issues and played a key role in the post-World War II reconstruction of Norway's economy.

Nobel Prize

In 1969, Ragnar Frisch was awarded the Nobel Memorial Prize in Economic Sciences, along with Jan Tinbergen, for their "development and application of dynamic models for the analysis of economic processes." This award recognized their pioneering contributions to econometrics and the significant impact of their work on the field of economics.

Legacy

Ragnar Frisch's legacy in economics is profound. He is remembered not only for his contributions to econometrics and macroeconomic theory but also for his role in establishing economics as a rigorous, quantitative science. His work continues to influence economists and policy-makers around the world.

Frisch's commitment to applying economic analysis to real-world problems and his efforts to use economics as a tool for improving society are aspects of his career that have inspired many in the field. The Ragnar Frisch Centre for Economic Research in Oslo is named in his honor, serving as a testament to his lasting impact on the discipline of economics.

Selected Works

• On the Notion of Equilibrium and Disequilibrium (1926)
• Propagation Problems and Impulse Problems in Dynamic Economics (1933)
• Statistical Confluence Analysis by Means of Complete Regression Systems (1934)

See Also

• Econometrics
• Macroeconomics
• Nobel Memorial Prize in Economic Sciences
• Jan Tinbergen