Lawrence Klein

AAA

DEFINITION of 'Lawrence Klein'

An American economist and winner of the 1980 Nobel Memorial Prize in Economics for his studies of econometrics and the creation of computer models that became widely used by other economists. In addition to econometrics, a discipline that combines statistics with economics to forecast trends, Klein's research also focuses on macroeconomics.

INVESTOPEDIA EXPLAINS 'Lawrence Klein'

Born in 1920 in Omaha, Neb., Klein earned his Ph.D. at the Massachusetts Institute of Technology while studying and writing his dissertation under fellow economist and Nobel laureate Paul Samuelson. He has also taught at the University of Michigan, Oxford University and the University of Pennsylvania, won the John Bates Clark Medal, and was the chief economic advisor to President Jimmy Carter.



RELATED TERMS
  1. Economist

    An expert who studies the relationship between a society's resources ...
  2. Macroeconomics

    The field of economics that studies the behavior of the aggregate ...
  3. Microeconomics

    The branch of economics that analyzes the market behavior of ...
  4. Dismal Science

    A term coined by Scottish writer, essayist and historian Thomas ...
  5. Econometrics

    The application of statistical and mathematical theories to economics ...
  6. Economics

    A social science that studies how individuals, governments, firms ...
Related Articles
  1. Understanding Supply-Side Economics
    Economics

    Understanding Supply-Side Economics

  2. Nobel Winners Are Economic Prizes
    Options & Futures

    Nobel Winners Are Economic Prizes

  3. The Uncertainty Of Economics: Exploring ...
    Economics

    The Uncertainty Of Economics: Exploring ...

  4. Explaining The World Through Macroeconomic ...
    Options & Futures

    Explaining The World Through Macroeconomic ...

comments powered by Disqus
Hot Definitions
  1. 80-10-10 Mortgage

    A mortgage transaction in which a first and second mortgage are simultaneously originated. The first position lien has an ...
  2. Passive ETF

    One of two types of exchange-traded funds (ETFs) available for investors. Passive ETFs are index funds that track a specific ...
  3. Walras' Law

    An economics law that suggests that the existence of excess supply in one market must be matched by excess demand in another ...
  4. Market Segmentation

    A marketing term referring to the aggregating of prospective buyers into groups (segments) that have common needs and will ...
  5. Effective Annual Interest Rate

    An investment's annual rate of interest when compounding occurs more often than once a year. Calculated as the following: ...
  6. Debit Spread

    Two options with different market prices that an investor trades on the same underlying security. The higher priced option ...
Trading Center