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Lawrence Klein Quotes

1920–2013 United States

Lawrence Robert Klein (4 September 1920 – 20 October 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.

United States
Academics
Economists
Nobel laureates

Also known as: Lawrence R. Klein

Random Lawrence Klein quote

8 quotes

From Keynes' point of view the economic system, before the war failed in its solution of the unemployment problem

At the beginning of a decade it is tempting to look ahead for the next ten years.

There are many reasons there was higher inflation in the 1970s. But that is a complicated story that deals with much more than tax policies.

I believe that monetary policy has a chronic defect. It is asymmetric—it works better in restraining an economy than in stimulating an economy.

The centrally planned economics used to consider themselves well insulated against the economic ills of the rest of the world. This is no longer the case.

Although I was not aware of it at the time, the experience of growing up during the Great Depression was to have a profound impact on my intellectual and professional career.

In the past few years there has grown up a large group of young economists who have accepted the theoretical doctrines of the Keynesian Revolution and who have come into national prominence through their support of an economic policy of full employment.

It is well known that there have been many market failures and corrupt behavior under the market system unless there is strong political oversight and leadership. The effects of such excesses are fairly evident in many respects, but the most serious is in the resulting skewness of the income and wealth distributions both within and among national economies.

Attribution

Quotes and notes from Wikiquote: Lawrence Klein (page history), available under CC BY-SA 4.0.