Question:
Who coined the terms micro- and macro-economics?
Who coined the terms micro- and macro-economics?
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Remember: Ragnar Frisch coined the terms "micro" and "macro" economics in 1933.
He was also the very first recipient of the Nobel Prize in Economics in 1969, which makes him a highly popular figure in competitive exam questions.
He was also the very first recipient of the Nobel Prize in Economics in 1969, which makes him a highly popular figure in competitive exam questions.
Updated On: Jul 24, 2026
- Adam Smith
- Alfred Marshall
- Ragnar Frisch
- J. S. Mill
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The Correct Option is C
Solution and Explanation
Step 1: Understanding the Concept:
Economics is broadly divided into two main branches:
1. Microeconomics: The study of individual economic units (such as households, firms, and individual markets).
2. Macroeconomics: The study of the economy as a whole (focusing on aggregate variables like GDP, inflation, unemployment, and national income).
Step 2: Detailed Explanation:
Although economic analysis has always dealt with both individual and aggregate levels, the formal division and terms were established in the 20th century.
The terms "micro-economics" (derived from the Greek word mikros meaning small) and "macro-economics" (derived from the Greek word makros meaning large) were coined by the Norwegian economist Ragnar Frisch in 1933.
Ragnar Frisch was a pioneer in econometrics and economic theory.
He was awarded the first Nobel Memorial Prize in Economic Sciences in 1969 (alongside Jan Tinbergen) for his work on dynamic models in economic analysis.
Adam Smith (A) is known as the Father of Economics.
Alfred Marshall (B) popularized neoclassical microeconomics.
J. S. Mill (D) was a classical economist who contributed to political economy.
None of them coined these specific terms.
Step 3: Final Answer:
The correct option is (C).
Economics is broadly divided into two main branches:
1. Microeconomics: The study of individual economic units (such as households, firms, and individual markets).
2. Macroeconomics: The study of the economy as a whole (focusing on aggregate variables like GDP, inflation, unemployment, and national income).
Step 2: Detailed Explanation:
Although economic analysis has always dealt with both individual and aggregate levels, the formal division and terms were established in the 20th century.
The terms "micro-economics" (derived from the Greek word mikros meaning small) and "macro-economics" (derived from the Greek word makros meaning large) were coined by the Norwegian economist Ragnar Frisch in 1933.
Ragnar Frisch was a pioneer in econometrics and economic theory.
He was awarded the first Nobel Memorial Prize in Economic Sciences in 1969 (alongside Jan Tinbergen) for his work on dynamic models in economic analysis.
Adam Smith (A) is known as the Father of Economics.
Alfred Marshall (B) popularized neoclassical microeconomics.
J. S. Mill (D) was a classical economist who contributed to political economy.
None of them coined these specific terms.
Step 3: Final Answer:
The correct option is (C).
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