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How have Lawrence Klein's econometric models influenced the field of economics?
They have become widespread among economists
They were universally rejected by economists
They changed the foundations of economics
They were banned by several countries
Answer
Lawrence Klein's econometric models have become widespread among economists because they provide a way to analyze economic data and make predictions about the future. Klein's models are based on the idea that economic activity is driven by a complex set of factors, including the interaction of supply and demand, government policy, and consumer behavior.
Mastering Macro: The Legacy of Lawrence Klein
More Questions
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?
In which economic ideology do Klein's models embody?
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