"To proceed from assumptions about an abstract theoretical set-up and from them to draw conclusions about the observable world and to test - by rough or more refined means - whether the conformity with observations is "good" enough, is indeed the time honoured procedure that all empirical sciences, including the natural sciences, have used. I shall therefore not plead guilty of heresy even if I do work with choice-theory concepts that are not invariant under a general monotonic transformation of the utility indicator."
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Ragnar Frisch. "A complete scheme for computing all direct and cross demand elasticities in a model with many sectors." Econometrica 27.2 (1959), p. 178; Cited in: Chipman, John S. "The contributions of Ragnar Frisch to economics and econometrics." ECONOMETRIC SOCIETY MONOGRAPHS 31 (1998): 58-110.
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Ragnar Frisch
Ragnar Anton Kittil Frisch (3 March 1895 – 31 January 1973) was a Norwegian economist and the co-winner with Jan Tinbergen of the first Nobel Memorial Prize in Economic Sciences in 1969. He is known for having founded the discipline of econometrics, and in 1933 to have created the widely used term pair macroeconomics/microeconomics.
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