Ragnar Anton Kittil Frisch 101: Famous Norwegian Economist

Zatrun Published at November 21, 2023

Ragnar Anton Kittil Frisch 101: Who is the Famous Norwegian Economist? in our article of Zatrun.com, we will cover in detail everything you need to know about the famous Norwegian Economist Ragnar Anton Kittil Frisch, who our readers are curious about.

Who is Ragnar Anton Kittil Frisch?

Ragnar Anton Kittil Frisch was born on March 3, 1895, in Oslo, Norway, and passed away on January 31, 1973, in the same city. He was a Norwegian economist who won the first Nobel Memorial Prize in Economic Sciences in 1969 for his pioneering work in the field of econometrics. Frisch started working as an apprentice in his father’s jewelry business before enrolling in the economics program at the University of Oslo, which was considered the easiest and shortest program at the time. He earned his master’s degree in economics in 1919 and the following year received his certification as a master goldsmith and became a partner in his father’s business.

From 1920 to 1923, Frisch continued his education in economics and mathematics by taking advantage of a scholarship provided by the University of Oslo, which allowed him to study in France and England. He began his academic career in 1923 and obtained a doctorate in mathematics and statistics from the University of Oslo in 1925. In 1931, he became a professor at the University of Oslo and founded the Institute of Economics with funding from the Rockefeller Foundation, where he served as the first research director until his retirement. In 1969, Frisch won the first Nobel Memorial Prize in Economic Sciences as the founder of the field of econometrics.

In 1968, the Nobel Foundation, in memory of Alfred Nobel’s 1895 bequest, established the Economics Prize, which was funded by the Swedish central bank, Sveriges Riksbank, and expanded the number of prize winners selected by the Royal Swedish Academy of Sciences. Like the Nobel Prize in Chemistry and Physics, the Economics Prize is awarded by a Prize Committee that operates like the Nobel Committees. The 1969 Economics Prize, which was awarded to Dutch economist Jan Tinbergen and Ragnar Frisch for “having developed and applied dynamic models for the analysis of economic processes,” has symbolized the highest respect and prestige in the field of economics since its inception.

Works

Ragnar Anton Kittil Frisch played an important role in the emergence of economics as a modern scientific discipline. He made significant contributions to economics based on mathematical expressions and named many new economic concepts. In 1926, he introduced consumption theory to the “new Walrasian mathematics” basis and formalized production theory in 1965.

He founded the Econometric Society in 1930, focusing on time series and linear regression, and served as the editor of the journal for 20 years. Frisch coined the term macroeconomics in 1933 and played an important role in econometric modeling, government social accounting, and economic planning. The Frisch-Waugh theorem, which he developed with Fredrick Waugh in 1993, is also a well-known theorem.