Trygve Haavelmo

Trygve Haavelmo was a Norwegian economist and statistician who revolutionized how economists analyze relationships between economic variables. In 1989, he received the Nobel Prize for developing statistical methods that help determine cause-and-effect in economics, such as how investment impacts growth. His work provided the foundation for modern econometrics, enabling economists to test theories using real data with greater rigor and precision. Essentially, Haavelmo's contributions help us better understand the complexities of economies and improve policymaking based on solid scientific analysis.