This book contains a set of notes prepared by Ragnar Frisch for a lecture series that he delivered at Yale University in 1930., complete with an introdutory essay from Olav Bjerkholt and Duo Qin placing the notes in their historical context.

I. General Consideration on Statistics and Dynamics in Economics, 1. What is economic theory?, 2. A discussion of the fundamental distinction between a static and a dynamic economic theory, 3. The static and the dynamic conception of an equilibrium, 4. Structural, confluent and fictitious relations in economic theory, II. Dynamic Formulation of Some Parts of Economic Theory, 5. A dynamic analysis of marginal utility, 6. A dynamic formulation of the law of demand, 7. A simple case of steered oscillations. The reaction problem, 8. A simple case of initiated oscillations, 9. Dynamic analysis of a closed economic system, III. Statistical Verification of the Laws of Dynamic Economic Theory, 10. Types of clustering in scatter diagrams and the non-significance of partial correlations, 11. General principles regarding the possibility of determining structural relations from empirical observations, 12. The separation of short-time and long-time components in an empirical time series, 13. The phase diagram. Phase elasticities and structural elasticities. The comparison problem in time series components, 14. Critical remarks on some of the recent attempts at statistical determination of demand and supply curves, 15. A new theory of linear regression. The diagonal and the arithmetic mean regression. The invariance problem, 16. A statistical analysis of selected groups of data by the methods developed in the present course