Lawrence Klein


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.

BREAKING DOWN '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.

  1. Economist

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

    The branch of economics that analyzes the market behavior of ...
  3. Economics

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

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

    The field of economics that studies the behavior of the aggregate ...
  6. Dismal Science

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