Klein, Lawrence R. (born 1920)

Abstract

Lawrence Robert Klein, 1980 Nobel laureate in economics, has been a pioneer in economic model building and in developing a worldwide industry in econometric forecasting and policy analysis. As Klein’s Nobel citation states, ‘Few, if any, researchers in the empirical field of economic science have had so many successors and such a large impact as Lawrence Klein.’ When one thinks of macroeconometric models, his name is the first that comes to mind. Spanning six decades, his research achievements have been broad, covering economic and econometric theory, methodology, and applications. In emphasizing the integration of economic theory with statistical methods and practical economic decisionmaking, he played a key role in establishing the directions and in accelerating the development of the theory, methodology and practice of econometric modelling.