How was Ragnar Frisch awarded the Noble Prize in Economics?

Name: Ragnar Frisch.
Real Name: Ragnar Anton Kittil Frisch.
Country: Norway.
Date of Birth: 3 March 1895.
Died: 31 January 1973.
Education: University of Oslo.
Subjects Of Study: Economics and Mathematics.
Known as: Econometrics Production theory.
Noble Prize Year: Nobel Prize for Peace in 1969, for his developed and applied dynamic models for the analysis of economic processes.