Trygve Haavelmo - Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 1989
Trygve Magnus Haavelmo was born 13 December 1911 in Skedsmo, Norway. Haavelmo earned his economics degree in 1933 and Ph.D. in 1946.
Until the onset of the second world war Haavelmo worked as a lecturer in statistics at Aarhus University from 1938 to 1939; during the war he worked in the U.S. After a brief period as department head at the Ministry of Trade and Industry, he was appointed professor of economics and statistics at the Department of Economics at the University of Oslo.
Haavelmo’s doctoral thesis from 1944 – "The Probability Approach in Econometrics" – showed that many of the economics theories of that time were misleading because they failed to adequately account for the innumerable factors influencing actual economic development. Haavelmo introduced mathematical-statistics methods to economic analysis, thus breaking ground for an entirely new area of economics research.
Although he won the Nobel Prize for his work in econometrics, Haavelmo also has other early achievements to his name. He was a pioneer in fields such as economics in developing countries and economics from an environmental perspective.
Trygve Haavelmo died in 1999.