Age, Biography and Wiki
Lawrence Klein was born on 14 September, 1920 in Omaha, Nebraska, U.S., is an 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?
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Age |
93 years old |
Zodiac Sign |
Virgo |
Born |
14 September, 1920 |
Birthday |
14 September |
Birthplace |
Omaha, Nebraska, U.S. |
Date of death |
(2013-10-20) Gladwyne, Pennsylvania, U.S. |
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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Not Available |
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Not Available |
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Lawrence Klein Net Worth
His net worth has been growing significantly in 2022-2023. 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 2023 |
$1 Million - $5 Million |
Salary in 2023 |
Under Review |
Net Worth in 2022 |
Pending |
Salary in 2022 |
Under Review |
House |
Not Available |
Cars |
Not Available |
Source of Income |
economist |
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Timeline
He died at the age of 93 in his home on October 20, 2013.
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.
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". 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.
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. the International Atlantic Economic Society (1989–1990), and the American Economic Association (in 1977).
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. LINK, which is now operated by the United Nations, is still meeting regularly, most recently in September 2018 in Santiago, Chile.
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.
Klein served as a thesis advisor for numerous well-known economists including E. Roy Weintraub in the late 1960s.
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.
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.
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 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 briefly joined the Communist Party during the 1940s, which led to trouble years later.
Lawrence Robert Klein (September 14, 1920 – October 20, 2013) was an American economist. 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.