Nobel Prize-winning economist Lawrence Klein, whose statistical models have been used to analyse and predict global economic trends, has died aged 93.
Mr Klein, who died at his home near Philadelphia on Sunday, was widely regarded as the founder of modern economic forecasting.
He famously predicted America’s post World War II boom, which at the time, countered theories of a new recession.
This was achieved through computer-based models known as ‘econometrics’.
Much of his career was spent teaching at the University of Pennsylvania, which he first joined in 1958. He retired from full-time teaching in 1991 to become a professor emeritus.
It was there that his famous ‘Wharton Models’ of econometrics were developed, eventually leading to his Nobel Prize in 1980, BBC informs.
