Ragnar Frisch
Norwegian economist who coined 'econometrics' and developed mathematical models.
Most quoted
"Econometrics is by its very nature a unification of three different points of view which are separate in other branches of economics. These are the points of view of statistics, economic theory, and mathematics."
— from Econometrica, 1933
"The task of econometrics is to subject economic theory to statistical tests and to provide numerical estimates of the parameters of economic relationships."
— from Econometrica, 1933
"The term 'econometrics' is not meant to imply that economics is a science of measurement, but rather that it is a science which uses measurement as a tool."
— from Econometrica, 1933
All quotes by Ragnar Frisch (101)
In economics, as in chess, anticipation of moves defines the master.
Policy without data is like navigation without a compass.
Happiness is not in accumulation, but in the wise allocation of resources.
Econometrics turns the art of economics into a science.
The greatest economic sin is ignoring the intertemporal choices we make.
In my youth, I saw economics as puzzles; now as life's blueprint.
A witty economist knows that utility is maximized in laughter too.
Business cycles are the economy's heartbeat; irregular, but vital.
Freedom in economics means choice under constraints.
The Nobel Prize honors not just me, but the method of econometrics.
Life's equilibrium is as fragile as an economic one.
Statistics without theory is blind; theory without statistics is lame.
In economics, the marginal revolution is eternal.
A good model simplifies without losing the essence.
War teaches us the true cost of resources squandered.
The joy of discovery in econometrics rivals any art.
Critics say our models are too abstract; I say they are bridges to reality.
Economic planning must respect the unpredictability of human will.
Time is the scarcest commodity, and thus the most valuable.
From Oslo to the world, econometrics unites us in pursuit of truth.
Contemporaries of Ragnar Frisch
Other Economicss born within 50 years of Ragnar Frisch (1895–1973).