Lawrence R Klein, Nobel Prize winning economist died on 20 October 2013 in Gladwyne, near Philadelphia. He was 93 years old. He was born in Omaha, Nebraska, on 14 September 1920. He studied at the University of California, Berkeley and the Massachusetts Institute of Technology. Then he joined the Penn faculty in 1958. He developed the statistical models there known as the Wharton Models which got him his Nobel Prize in 1980 in Economics.
In 1946, Klein correctly predicted that restricted demand for consumer goods coupled with the purchasing power of returning soldiers would protect against a depression. Klein also predicted correctly that the end of the Korean War would result in a mild recession.
Klein is survived by his wife Sonia, son Jonathan Klein and daughters Hannah, Rebecca, and Rachel.
Who: Lawrence R Klein
When: 20 October 2013