Born in Christiana, Norway, Ragnar Frisch was a pioneer in the use of mathematics and statistics in economics. He coined the terms econometrics, microeconomics, and macroeconomics. He initially trained as a goldsmith, intending to join the family firm, but then studied economics and mathematics in France and England. In 1932, he founded the Oslo Institute of Economics, and in 1969 he became the first recipient of the Nobel Prize in Economic Sciences with his colleague Jan Tinbergen, for ‘having developed and applied dynamic models for the analysis of economic processes’.
Key works: 1926 Quantitative formulation of the laws of economic theory, On a problem in pure economics, 1927 The relationship between primary investment and reinvestment, 1929 Correlation and scatter in statistical variables, Statics and dynamics in economic theory, 1933 Propagation Problems and Impulse Problems in Dynamic Economics