Ragnar Frisch: Quotes about studying

“… in economic political discussions there is a nearly infinite number of specific questions that may be asked. Besides the ones mentioned in section 3 consider for instance these: "Should we build a road between points A and B in the country?", "Should we promote investments that will give employment to many people, or should we on the contrary promote such investment which will save labour?"… "Should we put more emphasis on things that have up to now not been included in the statistical concept of the gross national product? For instance, should we try to avoid air-pollution and all the kinds of intoxications that may be caused by refuse and waste (a problem that must be studied in its totality as a problem of circulation of matter in society, much in the same way as we study interindustry relations in an input-output table)?“, “Should we assess economic value to an undisturbed nature?””

Ragnar Frisch

etc.
Source: 1970s and later, From Utopian Theory to Practical Applications, 1970, p. 29

People , Way , Question , Nature

“Two important features in the modern development of economics are the application of mathematics to abstract economic reasoning… and the attempt at placing economics on a numerical and experimental basis by an intensive study of economic statistics.
Both these developments have a common characteristic: they emphasize the quantitative character of economics. This quantitative movement in our estimation is one of the most promising developments in modern economics. We also consider it important that the two aspects of the quantitative method referred to should be furthered, developed, and studied jointly as two integrating parts of economics.
We therefore venture to propose the establishment of an international periodical devoted to the advancement of the quantitative study of economic phenomena, and especially to the development of a closer relation between pure economics and economic statistics.
We believe that the scope of the new journal would be happily suggested if it is called "Oekonometrika."”

Ragnar Frisch

Accordingly, the quantitative study of economic phenomena here considered may be termed econometrics.
Frisch (1927) as quoted in Divisia 1953, pp.24-25; Cited in: Bjerkholt, Olav. " Ragnar Frisch and the foundation of the Econometric Society and Econometrica http://www.ssb.no/a/histstat/doc/doc_199509.pdf." ECONOMETRIC SOCIETY MONOGRAPHS 31 (1998): 26-57.
Lead paragraph of a memorandum on the importance of establishing the journal "Oekonometrika"
1920

Mathematics , Study , Parting

“I approached the problem of utility measurement in 1923 during a stay in Paris. There were three objects I had in view :
:(I) To point out the choice axioms that are implied when we think of utility as a quantity, and to define utility in a rigorous way by starting from a set of such axioms;
:(II) To develop a method of measuring utility statistically;
:(III) To apply the method to actual data.
The results of my study along these lines are contained in a paper “Sur un Problème d’Économic Pure”, published in the Series Norsk Matematisk Forenings Skrifter, Serie I, Nr 16, 1926. In this paper, the axiomatics are worked out so far as the static utility concept is concerned. The method of measurement developed is the method of isoquants, which is also outlined in Section 4 below. The statistical data to which the method was applied were sales and price statistics collected by the “Union des Coopérateurs Parisien”. From these data I constructed what I believe can be considered the marginal utility curve of money for the “average” member of the group of people forming the customers of the union. To my knowledge, this is the first marginal utility curve of money ever published.”

Ragnar Frisch

Frisch (1932) New Methods of Measuring Marginal Utility. Mohr, Tübingen. p. 2-3: Quoted in: Dagsvik, John K., Steinar Strøm, and Zhiyang Jia. " A stochastic model for the utility of income http://www.ssb.no/a/publikasjoner/pdf/DP/dp358.pdf." (2003).
1930s

Money , People , Way , Knowledge

“An important object of the Journal should be the publication of papers dealing with attempts at statistical verification of the laws of economic theory, and further the publication of papers dealing with the purely abstract problems of quantitative economics, such as problems in the quantitative definition of the fundamental concepts of economics and problems in the theory of economic equilibrium.
The term equilibrium theory is here interpreted as including both the classical equilibrium theory proceeding on the lines of Walras, Pareto, and Marshall, and the more general equilibrium theory which is now beginning to grow out of the classical equilibrium theory, partly through the influence of the modern study of economic statistics. Taken in this broad sense the equilibrium problems include virtually all those fundamental problems of production, circulation, distribution and consumption, which can be made the object of a quantitative study. More precisely: The equilibrium theory in the sense here used is a body of doctrines that treats all these problems from a certain point of view, which is contrasted on one side with the verbal treatment of economic problems and on the other side with the purely empirical-statistical approach to economic problems”

Ragnar Frisch

Frisch (1927). as quoted in: Bjerkholt, Olav, and Duo Qin. A Dynamic Approach to Economic Theory: The Yale Lectures of Ragnar Frisch. Routledge, 2010: About "Oekonometrika"
1920

Law , Problem , Sense , Study

“Personally, I never met Knut Wicksell. I saw him once when he delivered a lecture in Oslo, but being an unassuming student at the time, I did not have the courage to talk to him. So my knowledge of his theory came only through his writings. That, however, was a very intense and absorbing form of making his acquaintance. Already from my early student days, I read his writings (in German and Swedish) avidly. And I continued to do so later.
When I started my study on Wicksell, I found that his works were not easy reading. Often it was only at the third or fourth reading that I grasped his ideas. Invariably, each new reading made me more and more enthusiastic. Sometimes it happened that I thought I had finally caught him in an inconsistency or in unclear thinking. Every time this happened, it turned out, however, that the error was mine.”

Ragnar Frisch

Frisch (1952) " Frish on Wicksell http://www.sv.uio.no/econ/om/tall-og-fakta/nobelprisvinnere/ragnar-frisch/published-scientific-work/Scan1.pdf" p. 654
1940-60s

Error , Idea , Courage , Knowledge

“When we approach the study of business cycle with the intention of carrying through an analysis that is truly dynamic and determinate in the above sense, we are naturally led to distinguish between two types of analyses: the micro-dynamic and the macro-dynamic types. The micro-dynamic analysis is an analysis by which we try to explain in some detail the behaviour of a certain section of the huge economic mechanism, taking for granted that certain general parameters are given. Obviously it may well be that we obtain more or less cyclical fluctuations in such sub-systems, even though the general parameters are given. The essence of this type of analysis is to show the details of the evolution of a given specific market, the behaviour of a given type of consumers, and so on.”

Ragnar Frisch Propagation problems and impulse problems in dynamic economics

Source: 1930s, Propagation problems and impulse problems in dynamic economics, 1933, p. 2

Business , Nature , Sense , Study

“In the last decade's intensive study of all sorts of social and economic time series, it has become clear, it seems to me, that the usual time series technique is not quite adequate for the purpose which the social investigator is pursuing… We want to find out on more or less empirical grounds what is actually present in the series at hand, that is to say, what sort of components the series contains.”

Ragnar Frisch

Ragnar Frisch, " A method of decomposing an empirical series into its cyclical and progressive components http://www.sv.uio.no/econ/om/tall-og-fakta/nobelprisvinnere/ragnar-frisch/published-scientific-work/rf-published-scientific-works/rf1931e.pdf." Journal of the American Statistical Association 26.173A (1931): 73-78.
1930s

Study , Time