Economist

Lawrence Klein

Lawrence Klein

Born:

Lawrence Klein, Who was an American economist born on 14 September 1920, In Omaha, U.S.

Family Background:

He was the son of Leo Byron Klein and his wife Blanche.

Personal Life:

He married Sonia Adelson. they had three daughters Hannah, Rebecca, and Rachel and also one son Jonathan.

Education:

He completed his graduation at Los Angeles City College, where he had to learn Calculus. In 1942, he started Computer modeling and obtained B.A degree in economics from the University of California. In 1944, He completed his Ph.D. in Economics from the  Massachusetts Institute of Technology.

Career:

After completing his Phd., He joined the Cowles Commission for Research in Economics’, Located in Chicago. During he worked there, He had built an economic model, Which was developed by using an earlier Dutch economist Jan Tinbergen, Which had been starting point to analyze and forecast the impact of government policies and conditions on the American economy. In 1954 he had to move to the ‘Oxford University’ in England Because he had not allowed to stay on at the ‘University of Michigan’ during the McCarthy era due to his previous Communist Party association. In 1958, He returned to the U.S. and had joined the department of economics at the University of Pennsylvania. During the 1960s, He becomes the leader of the major ‘Brookings – SSRC project’. In the same year, He constructed the  Wharton Econometric Forecasting Model. which was used to forecast fluctuations such as national products, Investments, and consumption. He had been president of the ‘Econometric Society’, and ‘American Economic Association’. He also had been founding trustee of Economists for Peace and Security.

On October 20, 2013, at the age of 93, He died at his home.

Unknown Facts:

  • His full name was Lawrence Robert Klein.

Master Stroke:

  • In 1969, He founded the Wharton Econometric Forecasting Associates, which was launching the economics forecasting industries in the U.S.

Awards and Achievements:

  • In 1959, He received the ‘John Bates Clark Medal’.
  • In 1980, He awarded the Nobel Prize in economic science.

What can we learn from him??

Like Lawrence Klein, learn everything. Never say ‘No’ to learn new things.

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