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.
15 Facts About Lawrence Klein
2.
Lawrence Klein was born in Omaha, Nebraska, the son of Blanche and Leo Byron Lawrence Klein.
3.
Lawrence Klein 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 in 1944, where he was Paul Samuelson's first doctoral student.
4.
Lawrence Klein then moved to the Cowles Commission for Research in Economics, which was then at the University of Chicago, now the Cowles Foundation.
5.
Lawrence Klein briefly joined the Communist Party during the 1940s, which led to trouble years later.
6.
Lawrence Klein differed from Tinbergen in using an alternative economic theory and a different statistical technique.
7.
Lawrence 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.
8.
Additionally, at the Institute of Statistics Lawrence Klein assisted with the creation of the British Savings Surveys, based upon the Michigan Surveys.
9.
In 1958 Lawrence Klein returned to the US to join the Department of Economics at the University of Pennsylvania.
10.
Later in the '60s, Lawrence Klein constructed the Wharton Econometric Forecasting Model.
11.
In 1969 Lawrence Klein founded Wharton Econometric Forecasting Associates or WEFA, launching the econometric forecasting industry in the United States.
12.
Lawrence Klein was the initiator of, and an active research leader in their LINK project, a consortium of model builders from many countries, which was mentioned in his Nobel citation.
13.
Lawrence Klein was a founding trustee of Economists for Peace and Security.
14.
Lawrence Klein was a member of the American Academy of Arts and Sciences, the American Philosophical Society, and the United States National Academy of Sciences.
15.
Lawrence Klein died at the age of 93 in his home on October 20,2013.