Norway

The first winner of the Nobel Prize in Economics for his contributions to econometrics, Ragnar Frisch warns that, if not used properly, econometrics could degenerate into what ought to be called playometrics. Frisch created the terms ‘macroeconomics’ and ‘microeconomics’ from three Greek words. His analyses of business cycles and impulse propagation via investment became the principles of Real Business Cycle theories, explaining the repercussions of crises on the economy. Nobel prize winner Finn Erling Kydland warns against giving too much importance to the adverse effects of business cycles, which are not that costly to people, urging instead that one pay more attention to longer-run questions such as social security, immigration, and age and wealth distribution.