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For which specific contribution was Lawrence Klein awarded the Nobel Memorial Prize?
Creation of econometric models
Introduction of Keynesian economics
Inventing a new economic theory
Promoting economic equality
Answer
Lawrence Klein won the Nobel Memorial Prize in Economics for his creation of econometric models, which are statistical models used to understand and predict economic phenomena. These models are based on data about economic variables, such as inflation, unemployment, and gross domestic product, and they can be used to forecast future economic trends.
Mastering Macro: The Legacy of Lawrence Klein
More Questions
How have Lawrence Klein's econometric models influenced the field of economics?
Who stated that Klein "was the first to create the statistical models that embodied Keynesian economics?"
Who still uses Klein's models, according to Martin Feldstein?
Besides becoming widespread among economists, what other impact did Klein's models have?
In which University did Klein conduct his research?
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