Lawrence Klein Biography, Age, Weight, Height, Friend, Like, Affairs, Favourite, Birthdate & Other

Lawrence R. Klein was American economist who received the Nobel Prize in Economic Sciences for the models he created to analyze the fluctuations of the world economy especially the economy of the United States. He based his model on the model developed by Jan Tinbergen earlier and was able to successfully predict the effect of taxes, expenditure and other factors on the American economy.

He started developing various models for the analysis of the economic conditions while he was still an undergraduate student. The models he developed became better with time and he was able to predict successfully what the economy had in store for the American people in the future. With the end of the Second World War the general idea was that the American and consequently the world economy would slide into a depression.

But Klein was able to predict with the model developed by him that nothing like this would happen to the economy. The economy would rather get a boost from the demand for more consumer goods and the increased purchasing power of the soldiers who returned from the war with pockets filled with salaries. He was also right in predicting that the Korean War would have a very low impact on the economy.