"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." (Ragnar Frisch, 1926)
"Intermediate between mathematics, statistics, and economics, we find a new discipline which, for lack of a better name, may be called econometrics. Econometrics has as its aim to subject abstract laws of theoretical political economy or 'pure' economics to experimental and numerical verification, and thus to turn pure economics, as far as possible, into a science in the strict sense of the word." (Ragnar Frisch, "On a Problem in Pure Economics", 1926)
"Certain exterior impulses hit the economic mechanism and thereby initiate more or less regular oscillations." (Ragnar Frisch, "Propagation problems and impulse problems in dynamic economics", 1933)
"In reality the cycles we have the occasion to observe are generally not damped. How can the maintenance of the swings be explained? Have theses dynamic laws deduced from theory and showing damped oscillations no value in explaining the real phenomena, or in what respect do the dynamic laws need to be completed in order to explain the real happenings? They (dynamic laws) only form one element of the explanation: they solve the propagation problem. But the impulse problem remains." (Ragnar Frisch, "Propagation problems and impulse problems in dynamic economics", 1933)
"[...] the length of the cycles and the tendency towards dampening are determined by the intrinsic structure of the swinging system, while the intensity (the amplitude) of the fluctuations is determined primarily by the exterior impulse. An important consequence of this is that a more or less regular fluctuation may be be produced by a cause which operates irregularly." (Ragnar Frisch, "Propagation problems and impulse problems in dynamic economics", 1933)
"The majority of the economic oscillations which we encounter seem to be explained most plausibly as free oscillations." (Ragnar Frisch, "Propagation problems and impulse problems in dynamic economics", 1933)
"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." (Ragnar Frisch, "Propagation problems and impulse problems in dynamic economics", 1933)
"When we approach the study of business cycle with the intention of carrying through an analysis that is truly dynamic and determinate in the above sense, we are naturally led to distinguish between two types of analyses: the micro-dynamic and the macro-dynamic types. The micro-dynamic analysis is an analysis by which we try to explain in some detail the behaviour of a certain section of the huge economic mechanism, taking for granted that certain general parameters are given. Obviously it may well be that we obtain more or less cyclical fluctuations in such sub-systems, even though the general parameters are given. The essence of this type of analysis is to show the details of the evolution of a given specific market, the behaviour of a given type of consumers, and so on." (Ragnar Frisch, "Propagation problems and impulse problems in dynamic economics", 1933)
"As long as economic theory still works on a purely qualitative basis without attempting to measure the numerical importance of the various factors, practically any 'conclusion' can be drawn and defended." (Ragnar Frisch, "From Utopian Theory to Practical Applications", [Nobel lecture] 1970)
"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." (Ragnar Frisch, "From Utopian Theory to Practical Applications", [Nobel lecture] 1970)
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