Very Short Answer Questions · Q4
Q.Name the economist who introduced the terms 'microeconomics' and 'macroeconomics'.
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Start your 14-day free trial to unlock the full solution →Although economists had studied both individual markets and economy-wide aggregates for a long time before, the specific terms 'microeconomics' and 'macroeconomics' were coined by the Norwegian economist Ragnar Frisch in 1933. Frisch, who later became one of the first winners of the Nobel Memorial Prize in Economic Sciences (1969, shared with Jan Tinbergen), used the Greek prefixes mikros (small) and makros (large) to distinguish the study of individual economic units from the study of the economy as a whole. The terminology caught on quickly and became the standard way economics is orga …
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