Nobel Prize Recipient. Ragnar Frisch, a Norwegian economist, received world-wide recognition after being awarded the first Nobel Memorial Prize in Economics in 1969, sharing the award with Jan Tinbergen, a Dutch economist . These men received the covet award, according to the Nobel Prize committee, "for having developed and applied dynamic models for the analysis of economic processes." This contribution was the "pioneering work on econometric model building. Constructed theories for stabilization policy and long-term economic planning." Born Ragnar Anton Kittil Frisch, the son of a jeweler-goldsmith, he was trained in that occupation, like many of his ancestors had, before his mother wished that he would attend a university. The family chose economics as his course of study as it required the fewest credits for graduation. After graduating in 1919, he studied economics and mathematics abroad for several years, traveling to Germany, Great Britain, the United States, Italy and for two years, stayed in Paris, France. He received his doctorate degree in mathematical statistics in Oslo in 1926. In 1929, he gained attention with his paper "A Problem with Pure Economics," which was first published in French. This paper was not translated and published in English until 1972, near the end of his life. By 1931 he had advanced from associate Professor to Professor in the Faculty of Law at the University of Oslo. Since there was no department of economics in any college in Norway, he founded the Institute of Economics at the University of Oslo in 1932, becoming the department director until retirement in 1965. From the mid-1920s to after World War II, he had a prominent role in the international community of econometricians. During World War II, Norway was isolated from the rest of the world and during the Nazi occupation of Norway, he was detained for a time in an internment camp. He became the first Chairman of the United Nations Economic and Employment Commission when it was established in 1947. During the 1950s and 1960s, he worked with other countries in managing their economical future starting first with India, then United Arab Republic for many years, and the Soviet Union. In his paper on "Business Cycles," he is credited as being the first to use the words "Microeconomics" to refer to the study of single firms and industries, and "Macroeconomics" to refer to the study of the aggregate economy. These were only two of the vocabulary words of economics, which he coined. Publishing numerous papers in his career, his last one was a speech addressed to Norwegian economists on cooperation between politicians and econometricians on the formulation of political preferences. All of the world's economist did not agree on certain methods, thus conflict between socialism and capitalism. He was a devout Christian, who practiced his religion primarily in the local parish of the Norwegian Lutheran-Evangelical Church. He authored articles in religious magazines and served on boards that sought world peace. He married twice, and with his first wife, the couple had one daughter before his wife's 1952 death. His hobby was beekeeping, something he described as "an obsession."