Penn Econ Nobel Laureate Lawrence Klein dies at 91

Considered the "father of modern economic forecasting."

Lawrence Klein, whose pioneering of new uses of econometrics to create our current models of economic forecasting earned him the Nobel Prize in Economics, died Sunday at 91.

In awarding him the prize, the Royal Swedish Academy of Sciences said,

Thanks to Klein’s contributions, the building of econometric models has attained a widespread, not to say universal, use. It is now to be found all through the world, not only at scientific institutions but also in public administration, political organizations and large enterprises.

Klein’s innovations in modeling have affected nearly every aspect of modern economic theory, and they have found an especially important place for banks—both private and central—in adjusting interest rates. [Inquirer]