‘In the theory of production Frisch was a forerunner, formulating the theory in a strict mathematical form but also applying it on concrete problems’ (New Palgrave). However, most of his works were in the form of mimeographed lecture notes in the 1930s and remained unpublished until the appearance of the present volume.
‘Ragnar Frisch was a pioneer of econometrics, a name which he himself coined, that union of mathematical and statistical methods applied to the testing of economic hypotheses which, he firmly believed, would at long last establish economics as a science. He founded the Econometric Society in 1930, edited Econometrica from 1933-5, and was awarded the first Nobel Prize in Economics in 1969, jointly with Jan Tinbergen for his services to econometric modelling and measurement’ (Blaug, Great Economists Since Keynes).
