Lawrence Klein

Lawrence Robert Klein (born September 14, 1920) is an American economist.

Development of business Forecasting model

Professor Klein is a graduate of Los Angeles City College, where he learned calculus; the University of California, Berkeley, where he began his computer modeling; he earned his PhD at the Massachusetts Institute of Technology (MIT) in 1944.

Related Topics:
Los Angeles City College - Calculus - University of California, Berkeley - Massachusetts Institute of Technology - 1944

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Klein then moved to the Cowles Commission for Research in Economics, which was then at the University of Chicago, now the Cowles Foundation. There he built a model of the United States economy to forecast the development of business fluctuations and to study the effects of government economic-political policy. After World War II Klein used his model to correctly predict, against the prevailing expectation, that there would be an economic upturn rather than a depression. Similarly, he correctly predicted a mild recession at the end of the Korean War.

Related Topics:
Cowles Commission for Research in Economics - United States - World War II - Depression - Korean War

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In 1959 Klein was awarded the John Bates Clark Medal, one of the two most prestigious awards in the field of economics.

Related Topics:
1959 - John Bates Clark Medal

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At the University of Michigan, Klein developed enhanced macroeconomic models, in particular the famous Klein-Goldberger model with Arthur Goldberger, which was based on foundations laid by Professor Jan Tinbergen of the Netherlands, later winner of the first economics prize in 1969. Klein differed from Tinbergen by using an alternative economic theory and a different statistical technique.

Related Topics:
University of Michigan - Macroeconomic models - Arthur Goldberger - Jan Tinbergen - Netherlands - 1969

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