Map of Rottne on Both men's accomplishments were impressive, for both had separately and individually developed and applied their own dynamic models for the analysis of economic processes. But, what makes Frisch especially noteworthy is that, while Tinbergen created an original macroeconomic model, it was Frisch who had developed the thought process of, and coined the phrase for, both MACROECONOMICS and MICROECONOMICS. The former refers to the study of aggregate economies, the latter to single firms and industries. To Frisch, economics was an exact science, as firm and undeniable as the logic found under a microscope.
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Throughout his career, he insisted that what he called ECONOMETRICS be regarded as having a relevance to concrete realities. Born in Oslo, his father had predetermined that he would carry on the long lineage of the Frisch family gold and silverworks, an occupation that had maintained the Frisch ancestors since the days of Norwegian King Christian IV in the 1600s. To please the elder Frisch, the son began an apprenticeship in the traditional business, earning the title of goldsmith.
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