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. Dismal Science

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

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

    A social science that studies how individuals, governments, firms ...
  5. Forecasting

    The use of historic data to determine the direction of future ...
  6. Macroeconomics

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

Hot Definitions
  1. Return On Sales - ROS

    A ratio widely used to evaluate a company's operational efficiency. ROS is also known as a firm's "operating profit margin". ...
  2. Halloween Strategy

    An investment technique in which an investor sells stocks before May 1 and refrains from reinvesting in the stock market ...
  3. Halloween Massacre

    Canada's decision to tax all income trusts domiciled in Canada. In October 2006, Canada's minister of finance, Jim Flaherty, ...
  4. Zombies

    Companies that continue to operate even though they are insolvent or near bankruptcy. Zombies often become casualties to ...
  5. Witching Hour

    The last hour of stock trading between 3pm (when the bond market closes) and 4pm EST. Witching hour is typically controlled ...
  6. October Effect

    The theory that stocks tend to decline during the month of October. The October effect is considered mainly to be a psychological ...
Trading Center