“To proceed from assumptions about an abstract theoretical set-up and from them to draw conclusions about the observable world and to test - by rough or more refined means - whether the conformity with observations is "good" enough, is indeed the time honoured procedure that all empirical sciences, including the natural sciences, have used. I shall therefore not plead guilty of heresy even if I do work with choice-theory concepts that are not invariant under a general monotonic transformation of the utility indicator.”

Ragnar Frisch. " A complete scheme for computing all direct and cross demand elasticities in a model with many sectors http://econ.ucdenver.edu/beckman/Research/readings/frisch-demand-econometrica.pdf." Econometrica 27.2 (1959), p. 178; Cited in: Chipman, John S. " http://www.sv.uio.no/econ/om/tall-og-fakta/nobelprisvinnere/ragnar-frisch/Chipman%20paper[1.pdf The contributions of Ragnar Frisch to economics and econometrics]." ECONOMETRIC SOCIETY MONOGRAPHS 31 (1998): 58-110.
1940-60s

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Ragnar Frisch 26
Norwegian economist 1895–1973

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