Klein, Lawrence Robert

Klein, Lawrence Robert,

1920–2013, American economist, b. Omaha, Nebr., Ph.D Massachusetts Institute of Technology, 1944. He was active in academia, government, and private research institutes throughout the world from the 1940s; he joined the faculty at the Univ. of Pennsylvania in 1958, becoming professor emeritus in 1991. Klein's 1947 book The Keynesian Revolution established him as one of the foremost scholars on Keynesian economics. His influential studies in econometricseconometrics,
technique of economic analysis that expresses economic theory in terms of mathematical relationships and then tests it empirically through statistical research.
..... Click the link for more information.
 brought him further recognition, particularly his book An Econometric Model of the United States, 1929–52 (1955, repr. 1966). The econmetric models he created became widely used by countries and organizations to make economic forecasts concerning gross national product, exports and imports, investment and consumption, and the possible affect of government policies on the economy. In 1980 he was awarded the Nobel Memorial Prize in Economic Sciences for his work on developing econometric models.

Klein, Lawrence Robert

(1920–  ) economist; born in Omaha, Nebr. After teaching at the Universities of Chicago (1944–47) and Michigan (1949–54), he became a professor at the University of Pennsylvania (1958). He is noted for the development of large multi-equation econometric models used to forecast the performance of an economy. These mathematical models simultaneously estimate hundreds of equations regarding economic activity such as consumer spending, public and private investment, exports, imports, capital flows, and monetary supplies. He was awarded the Nobel Prize in economics (1980).