Lawrence R. Klein

(Lawrence Robert Klein)

Lawrence R. Klein
Lawrence R. Klein
  • Born: September 14, 1920
  • Died: October 20, 2013
  • Nationality: American
  • Profession: Economist

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Lawrence Robert Klein was an American economist. For his work in creating computer models to forecast economic trends in the field of econometrics in the Department of Economics at the University of Pennsylvania, he was awarded the Nobel Memorial Prize in Economic Sciences in 1980 specifically "for the creation of econometric models and their application to the analysis of economic fluctuations and economic policies." Due to his efforts, such models have become widespread among economists. Harvard University professor Martin Feldstein told the Wall Street Journal that Klein "was the first to create the statistical models that embodied Keynesian economics," tools still used by the Federal Reserve Bank and other central banks.

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After my first visit to Japan, in 1960, to work on a joint model building project at Osaka University, I maintained a continuing interest in the country and the entire Far East. Work, Workers & The Labor Force
Although I was not aware of it at the time, the experience of growing up during the Great Depression was to have a profound impact on my intellectual and professional career. Time
An early fascination with higher mathematics at the university level blossomed into speculative thinking that could provide a basis for dealing with economic issues.
During the early 1960s, I decided to supplement research support for quantitative economic studies at Pennsylvania by selling econometric forecasts to private and public sector buyers.
I, Lawrence Klein, was born in Omaha, Nebraska, as were my elder brother and younger sister.
It came as a surprise to find that a professional society and journal (Econometrica) were flourishing, and I entered this area of study with great enthusiasm. Society
My early education was in the public school system of Omaha, where, retrospectively, I realize that my high school training served me in good stead for the basic subjects of mathematics, English, foreign languages and history. Education, Learning, Knowledge & Training ;History
On the way from Chicago, I spent the summer of 1947 in Ottawa, helping to build the first of a series of econometric models for the Canadian government. Government
The completion of my undergraduate training at the University of California (Berkeley) provided just the needed touches of rigor at advanced levels in both economics and mathematics.
The funds from the sale were put into research and general teaching budgets at the university. Wharton Econometric Forecasting Associates, Inc., is now a growing enterprise with many model and other econometric facilities.
The SSRC committee turned attention from team research for building a model of the United States to doing one for world trade in order to investigate the international transmission mechanism.