Ragnar Frisch was a Norwegian economist, and joint winner of the very first Nobel Prize in Economic Sciences, along with Jan Tinbergen, for his research in econometrics.
Frisch was born in Oslo on 3rd March 1895, as the son of a gold smith. He began his career as a gold and silver smith apprentice in order to work in the family business. He later became interested in economics, and studied the subject at Royal Frederick University.
After graduating in 1919, he studied economics and mathematics abroad for several years. He received his Ph.D in mathematical statistics from the University of Oslo in 1926.
In 1969, Ragnar Frisch, along with Dutch economist Jan Tinbergen, received the Nobel Prize for economics for having developed and applied dynamic models for the analysis of economic processes.
Frisch coined the term ‘econometrics’ for studies in which he used statistical methods to describe economic systems. In 1933, he presented the first mathematical economic model that could describe fluctuations in the business cycle. He died in 1973.
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