Which prestigious prize did Lawrence Klein receive in 1980?
The Fields Medal
The Turing Award
The Pulitzer Prize
The Nobel Memorial Prize in Economic Sciences
Answer
The Nobel Memorial Prize in Economic Sciences is an award given by the Royal Swedish Academy of Sciences to individuals who have made "outstanding contributions to the development of economic theory or practice". Lawrence Klein received the prize in 1980 for his work on econometrics and economic modeling. He developed a number of statistical techniques that are now widely used in economics, including time series analysis and vector autoregression.
Mastering Macro: The Legacy of Lawrence Klein
More Questions
For which specific contribution was Lawrence Klein awarded the Nobel Memorial Prize?
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?
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