Lawrence Klein
American economist who advanced macroeconomic forecasting models.
Most quoted
"The most important contribution of econometrics is its ability to provide empirical foundations for economic theory."
— from Professional observation, 1979
"Economic forecasting is not about predicting the future with certainty, but about understanding probabilities."
— from Professional observation, 1978
"Economic models are not perfect, but they are indispensable tools for understanding and managing the economy."
— from Interview, 1976
All quotes by Lawrence Klein (99)
Economic policy should be guided by evidence, not ideology.
The development of computing power has revolutionized econometrics.
I've always believed in the power of collaboration in research.
The economy is constantly evolving, and our models must evolve with it.
Econometrics provides a rigorous framework for analyzing economic phenomena.
The most rewarding aspect of my career has been seeing my work applied to real-world problems.
We should not be afraid to challenge conventional wisdom in economics.
The art of economic forecasting lies in understanding the underlying forces driving the economy.
My early work was heavily influenced by the Great Depression.
The strength of econometrics lies in its ability to combine economic theory with statistical methods.
Economic models are simplifications of reality, but they can still be very useful.
The key to good econometric modeling is careful specification.
I've always been fascinated by the interplay between economic theory and empirical data.
The global economy presents both challenges and opportunities for economists.
Econometrics helps us to quantify the relationships between economic variables.
The pursuit of knowledge is a continuous process of learning and discovery.
Economic policy decisions should be informed by the best available evidence.
The development of large-scale econometric models has been a major achievement.
My advice to young economists is to be curious, persistent, and open-minded.
The economy is a dynamic system, and our models must capture this dynamism.
Contemporaries of Lawrence Klein
Other Economicss born within 50 years of Lawrence Klein (1920–2013).