Ragnar Frisch - Contributions

Contributions

Frisch was one of the founders of economics as a modern science. He made a number of significant advances in the field of economics and coined a number of new words including econometrics and macroeconomics. His 1926 paper on consumer theory helped set up Neo-Walrasian research. He formalized production theory (1965). In econometrics he worked on time series (1927) and linear regression analysis (1934). With Frederick Waugh, he introduced the celebrated Frisch–Waugh theorem (Econometrica 1933) (sometimes referred to as the Frisch–Waugh–Lovell theorem). In oligopoly theory he developed the conjectural variation approach. His 1933 work on impulse-propagation business cycles became one of the principles of modern New Classical business cycle theory. He also helped introduce econometric modeling to government economic planning and accounting. He was one of the founders of the Econometric Society and editor of Econometrica for over twenty years. The Frisch Medal, so named in his honor, is given every two years for the best paper published in the aforementioned Econometrica in the previous five years.

Frisch's most important hobby was bee-keeping, for which Frisch performed genetic studies.