The University of Pennsylvania has traditionally been at
the forefront of economics, and the Institute was established
to enhance this leadership role. It was established in 1993
thanks to a generous gift from William P. Carey.
The first Director of the Institute was Professor Lawrence
R. Klein, a Nobel
Laureate, whose work provided the foundation for econometric
forecasting and is now used as a basic tool by government
and industry. According to Professor Klein's Nobel citation,
"Few, if any researchers in the empirical field of
economic science have had so many successors and such a
large impact as Lawrence Klein." Although formally
retired, Professor Klein carries on an active research agenda
within the Institute and gives generously of his time and
expertise.
Following Professor Klein's retirement, between July 1995
and June 2000 the Institute was directed by Professor Kenenth
I. Wolpin. Professor Wolpin is a pioneer in the development
of new empirical methods and theoritical models for the
study of labor markets, investments in human capital, and
social policy. His work exemplifies the rigorous combination
of theory, econometrics, and data that characterizes research
at Penn.
