Lawrence R. Klein
The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 1980
Born: 14 September 1920, Omaha, NE, USA
Died: 20 October 2013, Gladwyne, PA, USA
Affiliation at the time of the award: University of Pennsylvania, Philadelphia, PA, USA
Prize motivation: “for the creation of econometric models and the application to the analysis of economic fluctuations and economic policies”
Prize share: 1/1
Lawrence Klein was born in Omaha, Nebraska, USA. His growing up under the Great Depression had a profound impact on his professional career. Klein went on to study at the University of California in Berkley before earning his Ph.D. in economics at the Massachusetts Institute of Technology in 1944. He worked at several universities in the US, and resided in the UK for a few years. Klein also worked as chief economic advisor to Jimmy Carter during his 1976 presidential campaign.
Lawrence Klein started his career by publishing a paper in 1950 in which he presented attempts to specify some different models of the American economy during the interwar period. Through his publications and his extensive guidance to groups of research workers in different countries, Klein stimulated research on economic forecasting models and on the possibilities of using such models for practical analysis of economic policies.