Ragnar Frisch Biography
(Norwegian Economist Who Was a Joint Winner of the 1969 Nobel Prize for Economic Sciences)
Birthday: March 3, 1895 (Pisces)
Born In: Oslo, Norway
Ragnar Frisch was a renowned Norwegian economist, best remembered for founding the discipline of econometrics, which can be described as the branch of economics that aims to give empirical content to economic relations. Being one of the joint winners of the first Nobel Memorial Prize in Economic Sciences in 1969 (with Jan Tinberger), it was also he who coined the widely used term macroeconomics/microeconomics in 1933. Frisch can also be undoubtedly regarded as one of the founding fathers of economics as a modern science. He made several significant advances in the field of economics and his paper in consumer theory written in 1926 helped set up the Neo-Walrasian research. It was also he who helped formalize production theory, which is the study of production, or the economic process of converting inputs to outputs. In 1930, he founded ‘The Econometric Society’, an international society of academic economists wanting to apply statistical tools to their field. There were about 700 Elected Fellows of the Econometric Society as of 2014, which makes it one of the most renowned research affiliations. For more than twenty years, he remained the editor of the journal ‘Econometrica’.