Age, Biography and Wiki

Lawrence Klein was born on 14 September, 1920 in Omaha, Nebraska, U.S., is an American economist. Discover Lawrence Klein's Biography, Age, Height, Physical Stats, Dating/Affairs, Family and career updates. Learn How rich is he in this year and how he spends money? Also learn how he earned most of networth at the age of 93 years old?

Popular As N/A
Occupation N/A
Age 93 years old
Zodiac Sign Virgo
Born 14 September 1920
Birthday 14 September
Birthplace Omaha, Nebraska, U.S.
Date of death 20 October, 2013
Died Place Gladwyne, Pennsylvania, U.S.
Nationality United States

We recommend you to check the complete list of Famous People born on 14 September. He is a member of famous economist with the age 93 years old group.

Lawrence Klein Height, Weight & Measurements

At 93 years old, Lawrence Klein height not available right now. We will update Lawrence Klein's Height, weight, Body Measurements, Eye Color, Hair Color, Shoe & Dress size soon as possible.

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Dating & Relationship status

He is currently single. He is not dating anyone. We don't have much information about He's past relationship and any previous engaged. According to our Database, He has no children.

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Lawrence Klein Net Worth

His net worth has been growing significantly in 2023-2024. So, how much is Lawrence Klein worth at the age of 93 years old? Lawrence Klein’s income source is mostly from being a successful economist. He is from United States. We have estimated Lawrence Klein's net worth, money, salary, income, and assets.

Net Worth in 2024 $1 Million - $5 Million
Salary in 2024 Under Review
Net Worth in 2023 Pending
Salary in 2023 Under Review
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Source of Income economist

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Timeline

1920

Lawrence Robert Klein (September 14, 1920 – October 20, 2013) was an American economist.

1940

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

1942

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 BA in Economics in 1942; he earned his PhD in Economics at the Massachusetts Institute of Technology (MIT) in 1944, where he was Paul Samuelson's first doctoral student.

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 due to increasing consumer demand from returning servicemen.

Similarly, he correctly predicted a mild recession at the end of the Korean War.

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.

1959

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

1960

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 U.S. economy.

Later in the '60s, 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.

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

1968

In 1968 he became the Benjamin Franklin Professor of Economics and Finance at Penn.

1969

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 Jan Tinbergen of the Netherlands, later winner of the first economics prize in 1969.

Klein differed from Tinbergen in using an alternative economic theory and a different statistical technique.

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.

1976

During the 1976 United States presidential election, 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.

1980

For his work in creating computer models to forecast economic trends in the field of econometrics in the Department of Economics at the University of Pennsylvania, he was awarded the Nobel Memorial Prize in Economic Sciences in 1980 specifically "for the creation of econometric models and their application to the analysis of economic fluctuations and economic policies."

Due to his efforts, such models have become widespread among economists.

Harvard University professor Martin Feldstein told the Wall Street Journal that Klein "was the first to create the statistical models that embodied Keynesian economics," tools still used by the Federal Reserve Bank and other central banks.

Klein was born in Omaha, Nebraska, the son of Blanche (née Monheit) and Leo Byron Klein.

However, Christopher Sims has criticized the assumptions underlying large macro-econometric models built by Klein (Sims, 1980).

Also, many economists have questioned the suitability of estimation methods employed by large structural models and the usefulness of simple autoregressive models for approximating economic systems.

In his final years, he was constructing short range "current quarter models" that use current economic indicators to get a handle on the rate of economic growth during the current and next quarter.

In contrast to earlier efforts to model the economy structurally and to use constant adjustments and judgmental estimates for the exogenous variables, these systems are deliberately automatic and mechanical, simply translating available information into a statistically best estimate of current conditions.

This represents a very different tradition from his earlier model building and applications.

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.

1989

the International Atlantic Economic Society (1989–1990), and the American Economic Association (in 1977).

His Nobel citation concludes that "few, if any, research workers in the empirical field of economic science, have had so many successors and such a large impact as Lawrence Klein".

2008

A publication on high frequency model containing countries such as US, China, Russia, India, Brazil, Mexico, Korea and Hong Kong was expected in 2008.

2018

LINK, which is now operated by the United Nations, is still meeting regularly, most recently in September 2018 in Santiago, Chile.