Lawrence R. Klein

Lawrence R. Klein, winner of the 1980 Nobel Prize in Economic Science is famous for his works on the development of the macro-econometric models for regional, national and international economic levels. In fact, it is his extensive research works in these areas which bagged him the Nobel Prize. [br]

Early life and academic career:

Lawrence R. Klein, winner of the 1980 Nobel Prize in Economic Science is famous for his works on the development of the macro-econometric models for regional, national and international economic levels. In fact, it is his extensive research works in these areas which bagged him the Nobel Prize. [br]

Early life and academic career:

Born in 1920, Lawrence R. Klein graduated from the University of California in Berkeley, after which he studied economics under the renowned economist Paul Samuelson at the Massachusetts Institute of Technology (MIT). In fact, it is from MIT that he attained his doctorate (Ph.D.) degree in the year 1944. Between the years 1944 to 1947, he remained engrossed in extensive researches on econometrics in the University of Chicago. He was also among the staffs of the National Bureau of Economic Research, during 1948 to 1950. His subsequent associations with the Survey Research Center of the University of Michigan (1949–54), the Institute of Statistics at the University of Oxford (1954–58) and the Wharton School of the University of Pennsylvania from 1958 onwards were important milestones in his professional and research careers. His professional career reached its epitome when he was appointed the Benjamin Franklin Professor of Economics and Finance at the Wharton School in Pennsylvania.

Concepts propounded:

As one of the most popular econometricians of global repute, Professor Klein is also known for developing numerous statistical models of different countries across the globe, including the United States of America. For this purpose, he founded the Wharton Econometric Forecasting Associates in Pennsylvania’s Wharton School. There, he acted as the main investigator of the Project LINK, which gathered and aggregated models from various nations across the globe, for examining them on the basis of parameters like international economic activities, payments and foreign trades.

As one of the innovators of the macro-economic models, the inherent brilliance of Lawrence Robert Klein first came to the forefront and became evident, when he anticipated the conditions of the global economy in the wake of the Second World War. In fact, Klein disputed the common predictions of several economists that the termination of the World War II would bring about yet another worldwide economic crisis. According to Klein, the insatiable demand for consumer goods in course of the Great War, together with the purchasing power of the retreating soldiers may possibly act as an impediment to the possible economic crisis across the world. It was actually Klein’s anticipation, which ultimately proved to be true. [br]

In 1980, Lawrence Klein integrated the economic task force of Jimmy Carter, helping the American Presidential candidate Jimmy Carter to campaign successfully for his American Presidency.

Some of the publications:

• Economic Fluctuations in the United States, 1921-1941 (1950)
• Econometric Model of the United States, 1929-52, co-authored by Arthur S. Goldberger (1955)
• The Keynesian Revolution, second edition (1966)
• The Brookings Model, with Gary Fromm (1975)
• The Economics of Supply and Demand (1983) Since 1984, this living legend has been serving W.P. Carey and Co., as the Director and Chairman of the Economic Policy Committee.

Books by Lawrence R. Klein

• Selected Papers of Lawrence R. Klein: Theoretical Reflections and Econometric Applications (Econometrics in the Information Age – Theory and Practice of Measurement , Vol 1)
• Keynesian Revolution
• Economics of Supply & Demand
• Long-Run Growth And Short-Run Stabilization: Essays in Memory of Albert Ando
• Arms Reduction: Economic Implications in the Post-Cold War Era
• The Econometric Model of the United States, 1929-1952
• Econometric Modeling of China (Econometrics in the Information Age, Vol. 3)
• The Making of National Economic Forecasts Lectures in Econometrics (Advanced textbooks in economics)
• Comparative Performance of U.S. Econometric Models

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