James Tobin Quotes
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.
Tobin, James. "James Tobin - Biographical." NobelPrize.org, Nobel Prize Outreach AB, 1981, www.nobelprize.org/prizes/economic-sciences/1981/tobin/biographical/.
James Tobin was an American economist who served on the Council of Economic Advisers and consulted with 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 dependent variables, the well-known Tobit model.