Lawrence Klein: Honoring and Remembering a Model Economist

Prof Lawrence Klein passed away on Oct 20.

K@W pays a tribute to the giant econ who as per one faculty, should have won “the prize” twice.

In the speech awarding Klein his Nobel Prize, Herman Wold of the Royal Academy of Sciences called Klein a “traveling man who has collaborated actively in the construction of economic macromodels in other countries, other continents. His most recent major achievement is Project LINK, which ties together economic macromodels for different countries, including the Third World and the Communist countries, integrating the models to a total system with aim to increase our understanding of international economic relationships, and to improve the forecasts of international trade, capital movements, and other parallels in space to the economic fluctuations in time.”

According to Mariano, Klein’s work with Project LINK was so significant that it should have earned him another Nobel Prize. “It created a stage for international dialogue among different ideologies. It provided a forum for disciplined discussion coming from different views on how world economic issues could be addressed and resolved. He actually brought into such a forum countries like the [former] USSR and China, and certainly up to his dying moment he talked about how important it was to bring Africa into the discussion.”

Despite super human achievements he was one humble soul…

 

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