DEFINITION of Lawrence Klein
Dr. Lawrence Klein was an American economist. He won the 1980 Nobel Memorial Prize in Economics for his studies of econometrics. He also created 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 focused on macroeconomics.
BREAKING DOWN Lawrence Klein
Dr. Lawrence Klein was a Nobel Prize winning American economist who was born in 1920 in Omaha, Nebraska. Dr. Lawrence Klein earned his Ph.D. at the Massachusetts Institute of Technology (MIT) while studying and writing his dissertation under fellow economist and Nobel Laureate Paul Samuelson who was a trailblazer in the area of theoretical economics. He also taught at the University of Michigan, Oxford University, and the University of Pennsylvania. Dr. Lawrence Klein won the John Bates Clark Medal and was the chief economic advisor to President Jimmy Carter.