Why did Lawrence Klein win the Nobel Prize in Economics?
Lawrence Klein was awarded the Nobel Memorial Prize in Economic Sciences in 1980 for the creation of econometric models and their application to the analysis of economic fluctuations and economic policies. The Nobel Committee noted that few researchers in empirical economics had as many successors or as large an impact.
What was the Klein-Goldberger model?
The Klein-Goldberger model was a macroeconomic model developed by Lawrence Klein and Arthur Goldberger at the University of Michigan. It built on foundations laid by Jan Tinbergen of the Netherlands but used a different economic theory and a different statistical technique from Tinbergen's approach.
Why was Lawrence Klein denied tenure at the University of Michigan?
Klein was denied tenure at the University of Michigan in 1954 because his brief membership in the Communist Party during the 1940s was made public during the McCarthy era. He subsequently moved to the University of Oxford.
What was Project LINK and how is it connected to Lawrence Klein?
Project LINK was a consortium of model builders from many countries, led by Klein, that aimed to create the world's first global economic model by linking national models so changes in one country's economy would be reflected in others. The LINK modeling system was transferred to the United Nations Secretariat in New York in 1989, and Klein remained its intellectual leader until his death in 2013.
What was Wharton Econometric Forecasting Associates and who were its clients?
Wharton Econometric Forecasting Associates, known as WEFA and now operating as Global Insight, was founded by Klein in 1969 and effectively launched the econometric forecasting industry in the United States. Its clients included General Electric Company, IBM, and Bethlehem Steel Corporation.
Who was Lawrence Klein's doctoral supervisor at MIT?
Lawrence Klein completed his PhD at the Massachusetts Institute of Technology in 1944 as Paul Samuelson's first doctoral student. Klein had previously earned a BA in Economics from the University of California, Berkeley, in 1942.