When reading Economics, you are learning two essential things. The first thing is that in all life, you have to make choices, and what you choose from time to time has a shadow price or dual price. The question to make a decision is doing the best thing among all alternatives. And the second thing is that there is scarcity of resources in the world!
Professor Ragnar Frisch was a clever and knowledgable economist, and he got professor at the University of Oslo. In 1933, he made the definition and the destinction about two important genres in Economics, namelig Micro Economics and Macro Economics. Micro Economics is about studying you are me, and what we are doing in different markets at home and abroad. And we always take with us the intelligent level, our knowledges, our bodies, and our talents from place to place. We can be everywhere on the planet, but whom is forming the markets and the market philosophy about all conceivable things, that could be you and me! Macro Economics is to study the whole content and structure in the economy, and when doing such things we take every micro economic situation and make it great on an aggregate level. So, this means that Economics is about two things. You are either study one tree in the forest, that is micro, or you are studying every tree in the forest, and that means that a nation’s economy is the complete forest. So being in the forest is just about thinking what we are doing with all individuals in the different national economies from country to country and from place to place.
So, this means that the Federal Reserve Bank must think about consumption, supplies, production, demand and delivering as much as the needs are in different economies. Econometrics is about making all uncertainty into some equations with using regression analysis, factor analysis and variance analysis. You find every model in Economics and in Administration by using Econometrics. And we should love all the lectures about it worldwide, and doing new contribution to whatever scientific discipline about it. But the choices you and I are doing, have tremendously great implications for the nation’s economy, if everybody like to be like me! Such thinking is relevant for you also, and relevance does not lose. We are doing what we do due to our interests, needs and opinions. And there is much good market philosophy among the people about what to do!
So, there are connections about everything in Economics and everything within Administration. But you can make contributions, but is it new for the world? And what should we think today, that we have not been thinken before? Professor Ragnar Frisch is a good professonial example for all of us. He could a lot of things, and therefore he was professor in Economics by the University of Oslo (UiO). But where was he new? Well, he did not do always as all other people are doing, but he did some exciting and interesting things in new ways, just like in the adventures! He received the Nobel Prize in Economics together with the Dutch behavioral economist Jan Tinbergen. And their contributions were about economic processes, and when making dynamic changes in the relevant national economy. This did not imply telling nothing about everything, but it was a contribution about why the business life sometimes are good, and why it sometimes is bad. And you need to understand Economics and Statistics to explain what is going on!
Professor Ragnar Frisch had the ability of being normal, but at the same time to challenge what you are seeing and experiencing in nations. He was not crazy, but he knew a number of things in science, and he put his efforts where there was unexplained areas in the sciences. And we honored him for that today! Thanks Ragnar! You made the University in Oslo even better and stronger!
Economics can be used on applications in two areas, either the political economies or the economic policies. And every government being clever and excellent must think about that!
Please do follow if you want to keep up with my next article. Any upvotes or resteems are hugely appreciated!
Latest article, check out :
The history of music artists: The case of Zeromancer!
Sverre Larsen
Kristiansand, Norway
Read about us? // Main page!
Latest content: Travel, Art, Food, Article, Poetry