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 letters to friends, I confess economics saved my soul from boredom.
Humor in economics: when the curve bends but doesn't break.
The essence of economics is choice; the art is in making them wisely.
As I near the end, I reflect: economics was my life's equation, balanced.
Empirical evidence is the economist's best friend and sternest judge.
Philosophy teaches us why we economize; science how.
A comeback to detractors: Your ignorance of math is not my problem.
In the quiet of night, I ponder: What is wealth but shared prosperity?
Propagation problems in cycles mirror life's recurring challenges.
Art and economics both seek harmony in asymmetry.
The future of economics lies in interdisciplinary whispers.
Laughter is the best utility function for a weary scholar.
Scandinavian socialism: efficiency with a human face.
My major work? The one yet to be written.
In speeches, I always say: Measure twice, model once.
Wisdom in economics: Know when to intervene, when to observe.
Letters from students remind me why I teach.
The Nobel was a surprise; econometrics was my quiet revolution.
Life's meaning? Optimizing joy within constraints.
Aphorism for students: Equilibrium is a dream, dynamics reality.
Contemporaries of Ragnar Frisch
Other Economicss born within 50 years of Ragnar Frisch (1895–1973).