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Usually it is easier to obtain estimates for budget proportions and Engel elasticities than for elasticities with respect to price. By making certain want independence assumptions, the elasticities with respect to price can be deduced from the knowledge of budget proportions and Engel elasticities. In this connection the concept of the flexibility of the marginal utility of money is essential. A system of formulae decribing these relations is given.
Ragnar Frisch
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Wars and elections are both too big and too small to matter in the long run. The daily work—that goes on, it adds up.
Barbara Kingsolver
Ragnar Frisch
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Born:
March 3, 1895
Died:
January 31, 1973
(aged 77)
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