"It is my firm belief that the only satisfactory test of economics is the ability to predict, and in crucial predictive situations such as reconversion after World War II, the settlement of the Korean War, the settlement of the Vietnam War, the abrupt economic policy switch of the Nixon Administration in August 1972, the oil shock of 1973 (forecast of a world-wide succession by LINK), the recession of 1990. In these crucial periods, econometric models outperformed other approaches, yet there is considerable room for improvement, and that is precisely what is being examined in development of high-frequency models that aim to forecast the economy, every week, every fortnight, or every month, depending on the degree of fineness of the information flow."
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Academics from the United StatesJews from the United StatesPeople from OmahaEconomists from the United StatesNobel laureates in Economics
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Lawrence Klein
Lawrence Robert Klein (4 September 1920 – 20 October 2013) was an American economist. For his work in creating computer models to forecast economic trends in the field of econometrics in the Department of Economics at the University of Pennsylvania, he was awarded the Nobel Memorial Prize in Economic Sciences in 1980 specifically "for the creation of econometric models and their application to the analysis of economic fluctuations and economic policies." Due to his efforts, such models have beco
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