American - Economist | September 14, 1920 -
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.
Lawrence R. Klein
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I, Lawrence Klein, was born in Omaha, Nebraska, as were my elder brother and younger sister.
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My early education was in the public school system of Omaha, where, retrospectively, I realize that my high school training served me in good stead for the basic subjects of mathematics, English, foreign languages and history.
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An early fascination with higher mathematics at the university level blossomed into speculative thinking that could provide a basis for dealing with economic issues.
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The completion of my undergraduate training at the University of California (Berkeley) provided just the needed touches of rigor at advanced levels in both economics and mathematics.
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It came as a surprise to find that a professional society and journal (Econometrica) were flourishing, and I entered this area of study with great enthusiasm.
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On the way from Chicago, I spent the summer of 1947 in Ottawa, helping to build the first of a series of econometric models for the Canadian government.
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During the early 1960s, I decided to supplement research support for quantitative economic studies at Pennsylvania by selling econometric forecasts to private and public sector buyers.
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The funds from the sale were put into research and general teaching budgets at the university. Wharton Econometric Forecasting Associates, Inc., is now a growing enterprise with many model and other econometric facilities.
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After my first visit to Japan, in 1960, to work on a joint model building project at Osaka University, I maintained a continuing interest in the country and the entire Far East.
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The SSRC committee turned attention from team research for building a model of the United States to doing one for world trade in order to investigate the international transmission mechanism.
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