# Trygve Haavelmo

Birthday: December 13, 1911

Nationality: Norwegian

Famous: Economists Norwegian Men

Died At Age: 87

Sun Sign: Sagittarius

Born in: Skedsmo

Famous as: Economist

place of death: Oslo, Norway

education: University of Oslo

awards: Nobel Memorial Prize in Economic Sciences

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Trygve Haavelmo was a Norwegian economist and a professor who received the Nobel Prize in 1989 for his contributions in the field of economics. He is believed to be the first Nobel Prize awardee for the econometric work. He spent a majority of his life in relative obscurity until he received the Nobel Prize and shot to limelight, particularly in his native Norway. Thereafter, he tried his utmost to avoid publicity and public debate. He was also an excellent teacher continuing for two generations and hence, had a great influence on succeeding Norwegian economists. His students considered him their role model and most of them dreamt of following in his footsteps. Throughout his life he had motivated many students to pursue economics as their field of interest. His intelligence and keen interest in the study of economics gave rise to innovative approaches for the development of economic issues. He opened up econometrics with special emphasis on mathematics and statistics in the formation of economic theories. Taking his work into account he has carved a prominent position for himself in economics. Continue reading to learn more of his life and works.

**Trygve Haavelmo’s Childhood And**

**Early Life**

**Later Life**

**Major Works**

- The Method of Supplementary Confluent Relations, 1938
- The Inadequacy of Testing Dynamic Theory by Comparing the Theoretical Solutions and Observed Cycles, 1940
- Statistical Testing of Business Cycles, 1943
- The Statistical Implications of a System of Simultaneous Equations, 1943
- The Probability Approach in Econometrics, 1944
- Multiplier Effects of a Balanced Budget, 1945
- Family Expenditures and the Marginal Propensity to Consume, 1947
- Methods of Measuring the Marginal Propensity to Consume,1947
- Statistical Analysis of the Demand for Food: Examples of Simultaneous Estimation of Structural Equations, with M.A. Girshick, 1947
- Family Expenditures and the Marginal Propensity to Consume, 1947
- Quantitative Research in Agricultural Economics: The Interdependence between Agriculture and the National Economy, 1947
- The Notion of Involuntary Economic Decisions,1949
- A Note on the Theory of Investment, 1950
- The Concepts of Modern Theories of Inflation, 1951
- A Study in the Theory of Economic Evolution, 1954
- The Role of the Econometrician in the Advancement of Economic Theory, 1958
- Econometrica, A Study in the Theory of Investment, 1960
- Business Cycles II: Mathematical Models, 1968
- Variation on a Theme by Gossen, 1972 (Swedish)
- What Can Static Equilibrium models Tell Us?, 1974
- Econometrics and the Welfare State, 1990

**Haavelmo’s – Probability Approach**

**Major Contribution**

**Death**

**Awards & Accolades**

TRYGVE HAAVELMO TIMELINE

Trygve Magnus Haavelmo was born in Skedsmo, Norway.

Enrolled in the University of Oslo.

Obtained a degree in the field of Economics.

Was appointed the head of computations in Frisch’s institute.

Haavelmo studied in the London University College at the Department of Statistics along with Neyman and Pearson.

Went on a study trip to Berlin, Geneva and Oxford.

Became a lecturer in statistics at the University of Aarhus and then left for the U.S with a scholarship.

Spent time travelling around and working at Harvard University and delivered his work ‘The Probability Approach in Econometrics’.

Worked as a statistician in New York at Nortraship’s office and published his work for econometrics.

Served as the commercial secretary at the Norwegian Embassy in Washington D.C.

He received his Ph.D. for ‘The Probability Approach in Econometrics’ and worked at the Cowles Commission.

Returned to Norway.

He was the head of division in the trade department.

Became a professor at the University of Oslo and remained there until his retirement.

He retired from the University of Oslo and became the professor emeritus.

-1999

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