Lawrence Klein

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

Return to America at Wharton

In the early 1960s Klein became the leader of the major "Brookings-SSRC Project", to construct a detailed econometric model to forecast the short-term development of the American economy.

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Later in the 60's, Klein constructed the "Wharton Econometric Forecasting Model". This model, considerably smaller than the Brookings model, achieved a very good reputation for its analysis of business conditions, used to forecast fluctuations including national product, exports, investments, and consumption, and to study the effect on them of changes in taxation, public expenditure, oil price, etc.

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Professor Klein founded Wharton Econometric Forecasting Associates or WEFA, (now Global Insight). At the end of the 1960s he was the initiator of, and an active research leader in, their LINK project, which was also mentioned in his Nobel citation. The aim of this was to produce the world's first global economic model, linking models of many of the world's countries so that the effect of changes in the economy of one country are reflected in other countries.

Related Topics:
Wharton Econometric Forecasting Associates - Global Insight - LINK

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