Cambridge Encyclopedia » Cambridge Encyclopedia Vol. 45

Lawrence (Robert) Klein - Development of business forecasting model, Return to America at Wharton, Later career, Publications

models

Economist, born in Omaha, Nebraska, USA. After teaching at the universities of Chicago (1944–7) and Michigan (1949–54), he became a professor at the University of Pennsylvania (1958). He is noted for the development of large multi-equation econometric models used to forecast the performance of an economy. These mathematical models simultaneously estimate hundreds of equations regarding economic activity such as consumer spending, public and private investment, exports, imports, capital flows, and monetary supplies. He was awarded the Nobel Prize for Economics in 1980.

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