Ragnar Frisch - Dynamic Quotes

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We may perhaps start by throwing all kinds of production into one variable, all consumption into another, and so on, imagining that the notions 'production', 'consumption', and so on, can be measured by some sort of total indices. At present certain examples of micro-dynamic analyses have been worked out, but as far as I know no determinate macro-dynamic analysis is yet to be found in the literature.

Ragnar Frisch

In reality the cycles we have the occasion to observe are generally not damped. How can the maintenance of the swings be explained? Have theses dynamic laws deduced from theory and showing damped oscillations no value in explaining the real phenomena, or in what respect do the dynamic laws need to be completed in order to explain the real happenings? They (dynamic laws) only form one element of the explanation: they solve the propagation problem. But the impulse problem remains.

Ragnar Frisch