Ragnar Frisch (1895–1973) received the first Nobel Memorial Prize in Economic Science together with Jan Tinbergen in 1969 for having played an important role in ensuring that mathematical techniques figure prominently in modern economic analysis. Frisch was also a co-founder of the Econometric Society in 1930, the inaugural editor of its journal Econometrica for over 20 years, and a major figure in Norwegian academic life. This collection of essays derived from the centennial symposium which marked Frisch's birth explores his contributions to econometrics and other key fields in the discipline as well as the results of new research. Contributors include eminent scholars from Europe, the United Kingdom and North America who investigate themes in utility measurement, production theory, microeconomic policy, econometric methods, macrodynamics, and macroeconomic planning.
• Unique volume examining inaugural Nobel Prize winner's Ragnar Frisch's abiding influence on economic theory and econometrics • Contributors include world-renowned economists: J. Hausman, R. Blundell, Z. Griliches, D. Jorgenson, J. Heckman, J. Laffont, G. Maddala, E. Malinvaud, and Nobel Laureate Lawrence Klein • Covers topics in both economic theory and policy
Introduction; List of contributors; Part I. Ragnar Frisch and his Contributions to Economics: 1. Ragnar Frisch at the University of Oslo Jens C. Andvig and Tore Thonstad; 2. Ragnar Frisch and the foundation of the econometric society and Econometrica Olav Bjerkholt; 3. The contributions of Ragnar Frisch to economics and econometrics John S. Chipman; Part II. Utility Measurement: 4. Nonparametric estimation of exact consumer surplus and deadweight loss Jerry A. Hausman and Whitney K. Newey; 5. Consumer demand and intertemporal allocations: Engle, Slutsky and Frisch Richard Blundell; Part III. Production Theory: 6. Production functions: the search for identification Zvi Griliches and Jacques Mairesse; 7. Investment and growth Dale W. Jorgenson; Part IV. Microeconomic Policy: 8. Evaluating the Welfare State James J. Heckman and Jeffrey Smith; 9. Frisch, hotelling and the marginal-cost pricing controversy Jean-Jacques Laffont; Part V. Econometrics Methods: 10. Scientific explanations in econometrics Bernt P. Stigum; 11. An autoregressive distribution-lag modelling approach to cointegration analysis M. Hashem Pesaran and Yongcheol Shin; 12. Econometric issues related to errors in variables in financial models G. S. Maddala; 13. Statistical analysis of some nonstationary time series Søren Johansen; Part VI. Macrodynamics: 14. Frisch's vision and explanation of the trade-cycle phenomenon: his connection with Wicksell, Åkerman and Schumpeter Bjørn Thalberg; 15. Ragnar Frisch's conception of the business cycle Lawrence R. Klein; 16. Business cycles: real facts or fallacies? Gunnar Bårdsen, Paul G. Fisher and Ragnar Nymoen; Part VII. Macroeconomic Planning: 17. The influence of Ragnar Frisch on macroeconomic planning and policy in Norway Petter Jakob Bjerve; 18. How Frisch saw in the 1960s the contribution of economists to development planning E. Malinvaud; 19. On the need for macroeconomic planning in market economies: three examples from the European Monetary Union project A. J. Hughes Hallett; Author index; Subject index.