Lawrence Klein, the
His family announced his death but did not disclose the cause.
The Royal Swedish Academy of Sciences awarded Klein the 1980 Nobel Memorial Prize in Economic Sciences "for the creation of econometric models and the application to the analysis of economic fluctuations and economic policies." His Wharton Models, named for Penn's Wharton School, became widely used by nations and regions to predict gross national product, exports, investment and consumption, as well as the potential effect of government policies.
"Thanks to Klein's contributions," the Nobel committee said, econometrics — the use of mathematics, statistics and theory to forecast fluctuations in business and the economy — "is now to be found all through the world, not only at scientific institutions but also in public administration, political organizations and large enterprises."
A former graduate student under Paul Samuelson at
"I have always believed that people have misjudged the accuracy of economic forecasting," Klein wrote in an autobiography for the Nobel Foundation. In real-life tests such as the aftermath of wars, shifts in government economic policy and recessions, "econometric models outperformed other approaches," he said.
Klein was chief economic advisor to
Lawrence Robert Klein was born Sept. 14, 1920, in Omaha. Growing up during the Great Depression "was to have a profound impact on my intellectual and professional career," he wrote.
He earned his undergraduate degree from
He joined the econometrics team at the Cowles Commission of the
In the 1950s he held teaching and research posts at the
Klein, who retired in 1991, is survived by his wife of 65 years, Sonia; three daughters; a son; seven grandchildren; and four great-grandchildren.