Encyclopaedia Britannica's editors oversee subject areas in which they have extensive knowledge, whether from years of experience gained by working on that content or via study for an advanced degree. They write new content and verify and edit content received from contributors.
Trygve Haavelmo was a Norwegian economist who was a pioneer in what became the field of economic forecasting. He was awarded the 1989 Nobel Prize for Economics.
After the outbreak of World War II, Haavelmo left Norway and delivered his doctoral dissertation, âThe Probability Approach in Econometrics,â at Harvard University in 1941. Although he had two doctorates from the University of Oslo, his innovative dissertation, cited by the Nobel committee for its influence, was first published in 1944 in an American periodical, Econometrica. During the 1940s Haavelmo taught at the University of Chicago (where he was also a visiting professor in the late 1950s) before returning to Norway in 1947. He retired from the University of Oslo faculty in 1979, becoming professor emeritus.
Haavelmoâs statistical techniques made possible the development of econometric models that predict how a change in one aspect of the economy will affect others; that is, he demonstrated that statistical probability theory could be integrated into economic formulations. His econometrics contributed to the techniques of national economic forecasting, allowing a more accurate formulation of government economic policies.
