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Nobel Prize in Economics Study Notes

Posted by: yulin on Nov. 13, 2015

Nobel Prize in Economics Study Notes

First one was awarded in 1969 - to Professor Frisch and Professor Tinbergen, on their pioneering work of development of economics into a mathematically-specified and quantitatively-determined science, which contributed to a rational foundation for economic policy and planning with the help of well developed theory and statistical analysis. This major scientific breakthrough and continued research were designed to assist the poor countries of the world! Complicated economic processes such as economic growth, cyclical fluctuations and reallocation of economic resources for different purposes now can be explained well with their work. The attempt of economists to construct mathematical models relating to strategic economic relations, and then to specify these quantitatively with the help of the statistical analysis of the time series, have proved successful! This line of economic research, mathematical economics and econometrics, has been characterised the development of this discipline in recent decades!

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