DEFINITION of ‘Lawrence Klein’
Dr. Lawrence Klein was an American economist. He gained the 1980 Nobel Memorial Prize in Economics for his scientific tests of econometrics. He also created computer types that became widely made use of by other economists. In addition to econometrics, a self-discipline that combines figures with economics to forecast developments, Klein’s research also focused on macroeconomics.
BREAKING DOWN ‘Lawrence Klein’
Dr. Lawrence Klein was a Nobel Prize successful American economist who was born in 1920 in Omaha, Nebraska. Dr. Lawrence Klein earned his Ph.D. at the Massachusetts Institute of Technologies (MIT) although learning and writing his dissertation below fellow economist and Nobel Laureate Paul Samuelson who was a trailblazer in the area of theoretical economics. He also taught at the University of Michigan, Oxford University, and the University of Pennsylvania. Dr. Lawrence Klein won the John Bates Clark Medal and was the main economic advisor to President Jimmy Carter.