Question

How did Ragnar Frisch’s development of econometrics transform economic analysis?

Options

• By focusing only on qualitative data from surveys

• By introducing mathematical and statistical techniques to test economic hypotheses

• By prioritizing philosophical debates in economics

• By isolating government accounting from theoretical models

Answer 1

By introducing mathematical and statistical techniques to test economic hypotheses

Explanation:

Frisch pioneered econometrics, blending mathematics and statistics with economics to make analysis scientific, quantifiable, and experimentally verifiable.​