Lawrence Robert Klein (September 14, 1920 – October 20, 2013) was an American economist. For his work in creating computer models to forecast economic trends in the field of econometrics in the Department of Economics at the University of Pennsylvania, he was awarded the Nobel Memorial Prize in Economic Sciences in 1980 specifically "for the creation of econometric models and their application to the analysis of economic fluctuations and economic policies." Due to his efforts, such models have become widespread among economists. Harvard University professor Martin Feldstein told the Wall Street Journal that Klein "was the first to create the statistical models that embodied Keynesian economics," tools still used by the Federal Reserve Bank and other central banks.
Nobel Prize in Economics awarded to Lawrence Klein
Lawrence Robert Klein (September 14, 1920 – October 20, 2013) was an American economist.
Historical Significance
Lawrence Robert Klein (September 14, 1920 – October 20, 2013) was an American economist.
Events Before
International Year of the Child begins (declared by UNESCO)
International Year of the Child begins (declared by UNESCO)
Village People's "Y.M.C.A." becomes their only UK #1 single; at its peak, it sells over 150,000 copies per day
Village People's "Y.M.C.A." becomes their only UK #1 single; at its peak, it sells over 150,000 copies per day
BBC landmark nature series "Life on Earth" presented by David Attenborough first shown on BBC One
Life on Earth: A Natural History by David Attenborough is a British television natural history series made by the BBC in association with Warner Bros. Television and Reiner Moritz Productions.
Ayatollah Khomeini returns to Iran after 15 years in exile
Ruhollah Khomeini's return to Iran on 1 February 1979, after 14 years in exile, was an important event in the Iranian Revolution.
Actor Max Von Sydow (49) divorces actress Christina Olin after 28 years of marriage
Actor Max Von Sydow (49) divorces actress Christina Olin after 28 years of marriage
Events After
Greece becomes the 10th country to join the European Economic Community
Greece, officially the Hellenic Republic, is a country in Southeast Europe. Located on the southern tip of the Balkan peninsula, it shares land borders with Albania to the northwest, North Macedonia...
Police drama "Hill Street Blues" premieres on NBC
"Hill Street Station" is the first episode of the first season of the American serial police drama Hill Street Blues.
Ronald Reagan is inaugurated as the 40th President of the United States
The first inauguration of Ronald Reagan as the 40th president of the United States was held on Tuesday, January 20, 1981, at the West Front of the United States Capitol in Washington, D.C.
Twenty-year-old Edmonton center Wayne Gretzky becomes the first player in NHL history to score five career hat tricks be
Twenty-year-old Edmonton center Wayne Gretzky becomes the first player in NHL history to score five career hat tricks before age 21, scoring five goals and two assists in a 9-2 Oilers home win against St. Louis
George Harrison is ordered to pay ABKCO Music $587,000 for "subconscious plagiarism" of his song "My Sweet Lord" from Ro
George Harrison is ordered to pay ABKCO Music $587,000 for "subconscious plagiarism" of his song "My Sweet Lord" from Ronnie Mack's song "He's So Fine"
More from the 1980s
Fall of the Berlin Wall
The Berlin Wall falls as East Germany opens its borders, symbolizing the end of the Cold War and the beginning of German reunification.
Space Shuttle Challenger Disaster
The Space Shuttle Challenger breaks apart 73 seconds after launch, killing all seven crew members in one of the most devastating disasters in space exploration history.
The "Epic in Miami," played in 85°F heat, sees the San Diego Chargers defeat the Miami Dolphins 41-38 in overtime in the
The "Epic in Miami," played in 85°F heat, sees the San Diego Chargers defeat the Miami Dolphins 41-38 in overtime in the AFC Divisional Playoff, setting numerous playoff scoring records
Bill Veeck dies
Bill Veeck baseball executive, known for american baseball executive, died on 1986-01-02. William Louis Veeck Jr.
Frequently Asked Questions
- What happened on October 15, 1980?
- Lawrence Robert Klein (September 14, 1920 – October 20, 2013) was an American economist. For his work in creating computer models to forecast economic trends in the field of econometrics in the Department of Economics at the University of Pennsylvania, he was awarded the Nobel Memorial Prize in Economic Sciences in 1980 specifically "for the creation of econometric models and their application to the analysis of economic fluctuations and economic policies." Due to his efforts, such models have become widespread among economists. Harvard University professor Martin Feldstein told the Wall Street Journal that Klein "was the first to create the statistical models that embodied Keynesian economics," tools still used by the Federal Reserve Bank and other central banks.
- Why is Nobel Prize in Economics awarded to Lawrence Klein significant?
- Lawrence Robert Klein (September 14, 1920 – October 20, 2013) was an American economist.