James Tobin

James Tobin
James Tobin
  • Born: March 5, 1918
  • Died: March 11, 2002
  • Nationality: American
  • Profession: Economist









James Tobin was an American economist who served on the Council of Economic Advisers and the Board of Governors of the Federal Reserve System, and taught at Harvard and Yale Universities. He developed the ideas of Keynesian economics, and advocated government intervention to stabilize output and avoid recessions. His academic work included pioneering contributions to the study of investment, monetary and fiscal policy and financial markets. He also proposed an econometric model for censored endogenous variables, the well-known "Tobit model". Tobin received the Nobel Memorial Prize in Economic Sciences in 1981.

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After the United States entered the war, I joined the Naval Reserve and spent ninety days in a Columbia University dormitory learning to be a naval officer. Education, Learning, Knowledge & Training ;War & Peace
At the same time it offered the hope, as it still does, that improved understanding could better the lot of mankind. For me, growing up in the 1930s, the two motivations powerfully reinforced each other. Time ;Hope
At the time, my personal research objectives were to provide Keynesian economics with more rigorous foundations and to tighten and elaborate the logic of macroeconomic and monetary theory. Time
From 1966 to 1970 I served as Chairman of the New Haven City Plan Commission.
I studied economics and made it my career for two reasons. The subject was and is intellectually fascinating and challenging, particularly to someone with taste and talent for theoretical reasoning and quantitative analysis.
I was born in Champaign in 1918. From the neighborhood elementary and intermediate schools, I went to the University High School in the twin city, Urbana.
Most important, I have learned from my colleagues and students.
My father also happened to be an intellectual, as learned, literate, informed, and curious as anyone I have known. Unobtrusively and casually, he was my wise and gentle teacher. Education, Learning, Knowledge & Training
The crisis triggered a fertile period of scientific ferment and revolution in economic theory.
The greatest good fortune of my return to Cambridge in 1946 was that there, in the spring, I met Elizabeth Fay Ringo. We were married a few months later.
The miserable failures of capitalist economies in the Great Depression were root causes of worldwide social and political disasters.
Yale places great stress on undergraduate and graduate teaching. I like teaching, and I do a lot of it. Education, Learning, Knowledge & Training