Ragnar Frisch Quotes
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Any econometrician who wants to see practical application of his science will be highly concerned with applications to economic planning at the national level.
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Deep in the human nature, there is an almost irresistible tendency to concentrate physical and mental energy on attempts at solving problems that seem to be unsolvable. Indeed, for some kinds of active people, only the seemingly unsolvable problems can arouse their interest.
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A beam of light takes about two million years to reach from us to the Andromeda nebula. But my thought covers this distance in a few seconds. Perhaps some day some intermediate form of body and mind may permit us to say that we actually can travel faster than light.
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I believe that economic theory has arrived at a point in its development where the appeal to quantitative empirical data has become more necessary than ever. At the same time its analyses have reached a degree of complexity that require the application of a more refined scientific method than that employed by the classical economists.
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At present the national budget plays a very large role in the whole financial policy of our country.
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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.
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The majority of the economic oscillations which we encounter seem to be explained most plausibly as free oscillations.
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I approached the problem of utility measurement in 1923 during a stay in Paris. There were three objects I had in view :
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The propagation problem is the problem of explaining by the structural properties of the swinging system what the character of the swings would be in case the system was started in some initial situation
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(Econometrics is) the unification of economic theory, statistics and mathematics.
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There is also present another source of energy operating in a more continuous fashion and being more intimately connected with the permanent evolution in human societies.
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I have insisted that econometrics must have relevance to concrete realities, otherwise it degenerates into something which is not worthy of the name econometrics, but ought rather to be called playometrics.
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Certain exterior impulses hit the economic mechanism and thereby initiate more or less regular oscillations.
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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.' ECONOMETRIC SOCIETY MONOGRAPHS 31 (1998): 26-57.