Editing Ragnar Frisch (section)

==Work==
Frisch was one of the founders of economics as a modern science. He made a number of significant advances in the field of economics and coined a number of new words including [[econometrics]] and [[macroeconomics]]. His 1926 paper on consumer theory helped set up [[Neo-Walrasian research]]. He formalized [[production theory]], especially in addressing nonallocable inputs leading to jointness, meaning less than full control, in production processes (see esp. Chapters 14 and 15).<ref>{{cite book |last1=Frisch |first1=Ragnar |title=Theory of Production |date=1965 |publisher=Rand McNally and Company |location=Chicago, IL}}</ref>

In econometrics he worked on time series (1927) and linear regression analysis (1934). With [[Frederick V. Waugh]], he introduced the celebrated [[Frisch–Waugh theorem]]  (''[[Econometrica]]'' 1933)  (sometimes referred to as the [[Frisch–Waugh–Lovell theorem]]). In [[oligopoly]] theory he developed the [[conjectural variation]] approach. Frisch also is credited with introducing the term "model" in its modern economic sense by Paul Samuelson, based on a 1930 Yale University lecture.<ref>{{cite journal|last1=Bjerkholt|first1=Olav|title=Ragnar Frisch and the Postwar Norwegian Economy: A Critical Comment on Sæther and Eriksen|journal=Econ Journal Watch|date=September 2014|volume=11|issue=3|pages=297–312|url=http://econjwatch.org/file_download/837/CompleteIssueSept2014.pdf|access-date=November 8, 2014}}</ref>

His 1933 work on impulse-propagation business cycles became one of the principles of modern [[New Classical economics|New Classical]] [[business cycle]] theory. He also helped introduce econometric modeling to government economic planning and accounting.

He was one of the founders of the [[Econometric Society]] and editor of ''Econometrica'' for over twenty years. The [[Frisch Medal]], so named in his honor, is given every two years for the best paper published in the aforementioned ''Econometrica'' in the previous five years.

Frisch's most important hobby was bee-keeping, for which Frisch performed genetic studies.<ref>{{cite web |title=Ragnar Frisch:Facts|url=https://www.nobelprize.org/prizes/economic-sciences/1969/frisch/facts/|website=nobelprize.org |access-date=2024-03-21}}</ref>