Lawrence Robert Klein (born September 14, 1920) is an American economist. September 14 is the 257th day of the year (258th in leap years). ... 1920 is a leap year starting on Thursday (link will take you to calendar) Events January January 7 - Forces of Russian White admiral Kolchak surrender in Krasnoyarsk. ... Economics (deriving from the Greek words οίκω [okos], house, and νέμω [nemo], rules hence household management) is the social science that studies the allocation of scarce resources to satisfy unlimited wants. ...

Klein was born in Omaha, Nebraska, and is of Jewish descent. For his work in creating computer models to forecast economic trends in the field of econometrics at the University of Pennsylvania, he was awarded the Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel in 1980. Specifically "for the creation of economic models and their application to the analysis of economic fluctuations and economic policies." Thanks to his work such models became widespread among economists. Location in the state of Nebraska Founded  -Incorporated 1854  {{{incorporated}}} County Douglas County Mayor Michael Fahey Area  - Total  - Water 1290. ... The word Jew (Hebrew: יהודי) is used in a wide number of ways, but generally refers to a follower of the Jewish faith, a child of a Jewish mother, or someone of Jewish descent with a connection to Jewish culture or ethnicity and often a combination of these attributes. ... Econometrics literally means economic measurement. It is a combination of mathematical economics, statistics, economic statistics and economic theory. ... The University of Pennsylvania (commonly referred to as Penn or UPenn, although the former is the preferred and recognized nickname of the University) is a private university in Philadelphia, Pennsylvania and a member of the Ivy League. ... The Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel (Swe. ... 1980 is a leap year starting on Tuesday. ... An economist is someone who studies Economics. ...

Development of business Forecasting model

Professor Klein is a graduate of the University of California, Berkeley, where he began his computer modeling; he earned his PhD at the Massachusetts Institute of Technology (MIT) in 1944. University of California, Berkeley The University of California, Berkeley (also known as Cal, UC Berkeley, UCB, or simply Berkeley) is a public coeducational university situated in the foothills of Berkeley, California, USA to the east of San Francisco Bay, overlooking the Golden Gate. ... The Massachusetts Institute of Technology, or MIT, is a research institution and university located in the city of Cambridge, Massachusetts along the Charles River and across from Bostons Back Bay district. ... 1944 was a leap year starting on Saturday (link will take you to calendar). ...

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. Mushroom cloud from the nuclear explosion over Nagasaki rising 18 km (over 11 miles) into the air. ... A recession is usually defined in macroeconomics as a fall of a countrys Gross National Product in three successive quarters. ... The Korean War (Korean: 한국전쟁/韓國戰爭), from June 25, 1950 to July 27, 1953, was a conflict between North Korea and South Korea. ...

In 1959 Klein was awarded the John Bates Clark Medal, one of the two most prestigious awards in the field of economics. 1959 was a common year starting on Thursday of the Gregorian calendar. ... The John Bates Clark Medal is awarded biannually by the American Economic Association to that American economist under the age of forty who is adjudged to have made a significant contribution to economic thought and knowledge. Named after the American Neoclassical economist John Bates Clark (1847-1938), it is considered...

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. University of Michigan, Ann Arbor The University of Michigan, Ann Arbor is a public coeducational university located in Ann Arbor, Michigan. ... A model in macroeconomics is designed to simulate the operation of a national or international economy in terms of factors including the total amount of goods and services produced, total income earned, the level of employment of productive resources, and the general behavior of prices. ... Arthur Goldberger is an economist. ... Jan Tinbergen (The Hague, April 12, 1903 - June 9, 1994), Dutch economist, was awarded the first Nobel Prize in Economics in 1969, which he shared with Ragnar Frisch for having developed and applied dynamic models for the analysis of economic processes. ... 1969 was a common year starting on Wednesday (the link is to a full 1969 calendar). ...

McCarthyism and move to England

Klein moved to England in 1954. This was prompted by Senator Joseph McCarthy's anti-communist "witch-hunt", and the denial of his continuing tenure at Michigan. Klein had been a member of the American Communist Party in 1946 and 1944 while in Chicago; he later said that this was the result of youthful naïveté. Royal motto: Dieu et mon droit (French: God and my right) Englands location within the UK Official language English de facto Capital London de facto Largest city London Area  - Total Ranked 1st UK 130,395 km² Population  - Total (2001)  - Density Ranked 1st UK 49,138,831 377/km² Religion... Joseph McCarthy Joseph Raymond McCarthy (November 14, 1908 – May 2, 1957) was an American politician of the Democratic Party and later of the Republican Party. ... This article is about communism as a form of society built around a gift economy, as an ideology that advocates that form of society, and as a popular movement. ... A witch-hunt is a search for suspected witches; it is a type of moral panic. ... The Communist Party of the United States of America (CPUSA) is one of several Marxist-Leninist groups in the United States. ... 1946 was a common year starting on Tuesday. ... 1944 was a leap year starting on Saturday (link will take you to calendar). ... Chicago (officially named the City of Chicago) is the third largest city in the United States (after New York City and Los Angeles), with an official population of 2,896,016, as of the 2000 census. ...

In England, Klein developed a model of the United Kingdom economy at the University of Oxford, before returning to the US in 1958 to join the Department of Economics at the University of Pennsylvania. He became "Benjamin Franklin Professor of Economics and Finance" at their Wharton Business School in 1968. The University of Oxford, located in the city of Oxford, England, is the oldest university in the English-speaking world. ... 1958 was a common year starting on Wednesday of the Gregorian calendar. ... Benjamin Franklin by Jean-Baptiste Greuze 1777 For the former mayor of Nepean, see Ben Franklin (politician) Dr. Benjamin Franklin (January 17, 1706 – April 17, 1790) was an American printer, journalist, publisher, author, philanthropist, abolitionist, public servant, scientist, librarian, diplomat, and inventor. ... The Wharton School of the University of Pennsylvania is a business school at the University of Pennsylvania, USA. The school was founded by Joseph Wharton, who also was one of the founders of Swarthmore College (founded in 1864), in 1881 as the first collegiate business school in the United States. ... 1968 was a leap year starting on Monday (the link is to a full 1968 calendar). ...

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. This article provides extensive lists of events and significant personalities of the 1960s. ...

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.

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. Wharton Economic Forecasting Associates (WEFA) was a world-leading Economics forecasting and consulting organisation founded by Nobel Prize winner Lawrence Klein. ... Global Insight was formed in March 2001 from the merger of WEFA (formerly Wharton Econometric Forecasting Associates) and DRI (formerly Data Resources Inc), together with Primark Decision Economics, Primark Poland and French company DAFSA. Engaged in economic forecasting, consultancy and sectorial analysis, the company started out with turnover of USD... The term link can refer to: Computer Related A connection between two components of a network. ...

Later Career

In 1976 Klein was coordinator of Jimmy Carter's economic task force before the US presidential election. He declined an invitation to join Carter's administration. Klein has also been president of the Econometric Society and the American Economic Association (in 1977). 1976 is a leap year starting on Thursday (link will take you to calendar). ... Order: 39th President Vice President: Walter Mondale Term of office: January 20, 1977 – January 20, 1981 Preceded by: Gerald Ford Succeeded by: Ronald Reagan Date of birth: October 1, 1924 Place of birth: Plains, Georgia First Lady: Rosalynn Carter Political party: Democratic James Earl Jimmy Carter, Jr. ...

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".

Publications

Klein's publications include:

• An essay on the theory of economic prediction (With Jaime Marquez, ????) ISBN 0841020051
• Economic Fluctuations in the United States, 1921-41 (1950)
• An Econometric Model of the United States, 1929-52 (with AS Goldberger, 1955)
• The Keynesian Revolution (1946) ISBN 0333081315
• The Wharton Econometric Forecasting Model (with MK Evans, 1967)
• A Textbook of Econometrics (1973) ISBN 0139128328
• The Brookings Model (With Gary Fromm. 1975)
• Econometric Model Performance (1976)
• An Introduction to Econometric Forecasting and Forecasting Models (1980) ISBN 0669028967
• Econometric Models As Guides for Decision Making (1982) ISBN 0029174309
• The Economics of Supply and Demand 1983
• Economics, Econometrics and The LINK (with M Dutta, 1995) ISBN 0444817875

See also

• List of economists
• List of economics consultancies and think tanks

This is an alphabetical list of well-known economists. ... This is a list of economic consultancies, cultural consultancies and think tanks Well-known think tanks Australia The Australia Institute (TAI) Australia-Japan Research Center (AJRC) Australian Institute of International Affairs (AIIA) Brisbane Institute Centre for Independent Studies Institute of Public Affairs (Australia) Social Policy Research Centre at the University...

External link

• Lawrence Klein