Lawrence Klein

About Lawrence Klein

Who is it?: Economist
Birth Day: September 14, 1920
Birth Place: Omaha, Nebraska, U.S., United States
Died On: October 20, 2013(2013-10-20) (aged 93)\nGladwyne, Pennsylvania, U.S.
Birth Sign: Libra
Institution: Univ. of Pennsylvania University of Oxford University of Michigan NBER Cowles Commission
Field: Macroeconomics Econometrics
School or tradition: Neo-Keynesian economics
Alma mater: MIT (Ph.D.) UC Berkeley (B.A.)
Doctoral advisor: Paul Samuelson
Doctoral students: Arthur Goldberger E. Roy Weintraub Bennett Harrison Ignazio Visco
Influences: Jan Tinbergen
Contributions: Macroeconometric forecasting models
Awards: John Bates Clark Medal (1959) Nobel Memorial Prize in Economic Sciences (1980)

Lawrence Klein Net Worth

Lawrence Klein was bornon September 14, 1920 in Omaha, Nebraska, U.S., United States, is Economist. Lawrence R. Klein was American economist who received the Nobel Prize in Economic Sciences for the models he created to analyze the fluctuations of the world economy especially the economy of the United States. He based his model on the model developed by Jan Tinbergen earlier and was able to successfully predict the effect of taxes, expenditure and other factors on the American economy. He started developing various models for the analysis of the economic conditions while he was still an undergraduate student. The models he developed became better with time and he was able to predict successfully what the economy had in store for the American people in the future. With the end of the Second World War the general idea was that the American and consequently the world economy would slide into a depression. But Klein was able to predict with the model developed by him that nothing like this would happen to the economy. The economy would rather get a boost from the demand for more consumer goods and the increased purchasing power of the soldiers who returned from the war with pockets filled with salaries. He was also right in predicting that the Korean War would have a very low impact on the economy.
Lawrence Klein is a member of Intellectuals & Academics

💰 Net worth: $12 Million

Biography/Timeline

1940

Klein briefly joined the Communist Party during the 1940s, which led to trouble years later.

1942

Klein was born in Omaha, Nebraska, the son of Blanche (née Monheit) and Leo Byron Klein. He went on to graduate from Los Angeles City College, where he learned calculus; the University of California, Berkeley, where he began his computer modeling and earned a B.A. in Economics in 1942; he earned his Ph.D. in Economics at the Massachusetts Institute of Technology (MIT) in 1944, where he was Paul Samuelson's first doctoral student.

1954

In 1954, Klein's brief membership in the Communist Party was made public and he was denied tenure at the University of Michigan, in the wake of the McCarthy era. Klein moved to the University of Oxford, and developed an economic model of the United Kingdom known as the Oxford model with Sir James Ball. Additionally, at the Institute of Statistics Klein assisted with the creation of the British Savings Surveys, based upon the Michigan Surveys.

1958

In 1958 Klein returned to the U.S. to join the Department of Economics at the University of Pennsylvania. In 1959 he was awarded the John Bates Clark Medal, one of the two most prestigious awards in the field of economics. In 1968 he became the Benjamin Franklin Professor of Economics and Finance at Penn.

1960

Klein served as a thesis advisor for numerous well-known economists including E. Roy Weintraub in the late 1960s.

1969

In 1969 Klein founded Wharton Econometric Forecasting Associates or WEFA (now IHS Global Insight), launching the econometric forecasting industry in the United States. Among his clients were General Electric Company, IBM, and Bethlehem Steel Corporation. He was the initiator of, and an active research leader in their LINK project, a consortium of model builders from many countries, which was also mentioned in his Nobel citation. The aim 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 the other. LINK, which is now operated by the United Nations, is still meeting regularly, most recently in October 2009 in Bangkok.

1976

During the United States presidential election, 1976, Klein coordinated Jimmy Carter's economic task force. He declined an invitation to join Carter's administration. Klein has also been President of the Econometric Society. the International Atlantic Economic Society (1989–1990), and the American Economic Association (in 1977).

2008

After formal retirement and until his death he was engaged in macro econometric model building high-frequency Models that project the economy in a monthly, quarterly frame. A publication on high frequency model containing countries such as US, China, Russia, India, Brazil, Mexico, Korea and Hong Kong was expected in 2008.

2013

He died at his home on October 20, 2013. He was 93.