Work Frisch was one of the founders of economics as a modern science. He made a number of significant advances in the field of economics and coined a number of new words including econometrics and macroeconomics. His 1926 paper on consumer theory helped set up Neo-Walrasian research. He formalized production theory, especially in addressing nonallocable inputs leading to jointness, meaning less than full control, in production processes (see esp. Chapters 14 and 15).
work frisch was one of the founders of economics as a modern science he made a number of significant advances in the field of economics and coined a number of new words including econometrics and macroeconomics his 1926 paper on consumer theory helped set up neo-walrasian research he formalized production theory especially in addressing nonallocable inputs leading to jointness meaning less than full control in production processes (see esp chapters 14 and 15)