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James Tobin
Born March 5, 1918(1918-03-05)
Champaign, Illinois
Died March 11, 2002 (aged 84)
New Haven, Connecticut
Residence Flag of the United States United States
Nationality Flag of the United States American
Fields Economics
Institutions Yale University
Cowles Commission
Alma mater Harvard University
Doctoral advisor Joseph Schumpeter
Known for Portfolio theory
Keynesian economics
Tobin's q
Tobit model
Notable awards John Bates Clark Medal (1955)
Nobel Prize in Economics (1981)
For the Republican political operative, see James Tobin (political operative). Events 363 - Roman Emperor Julian moves from Antioch with an army of 90000 to attack the Sassanid Empire, in a Year 1918 ( MCMXVIII) was a Common year starting on Tuesday (link will display the full calendar of the Gregorian calendar (or a Common Champaign is a city in Champaign County, Illinois, in the United States. Events 1425 BC - Thutmose III, Pharaoh of Egypt, dies (according to the Low Chronology of the 18th Dynasty See also 2002 (disambiguation Year 2002 ( MMII) was a Common year starting on Tuesday of the Gregorian calendar. The United States of America —commonly referred to as the Economics is the social science that studies the production distribution, and consumption of goods and services. The Cowles Commission for Research in Economics is an Economic Research institute, founded in Colorado Springs in 1932 by Alfred Cowles, a businessman Alma mater is Latin for "nourishing mother" It was used in Ancient Rome as a title for the mother Goddess, and in Medieval A doctorate is an Academic degree that indicates the highest level of academic achievement Joseph Alois Schumpeter ( February 8, 1883 &ndash January 8, 1950) was an Economist and Political scientist born in Modern portfolio theory ( MPT) proposes how rational investors will use diversification to optimize their portfolios and how a risky asset should In Economics Keynesian economics (ˈkeɪnziən also Keynesianism and Keynesian Theory) is based on the ideas of twentieth-century British economist Tobin's q is a ratio comparing the value of a company given by financial markets with the value of a company's assets The Tobit Model is an econometric biometric model proposed by James Tobin (1958 to describethe relationship between a non-negative dependent variabley_i and an The biennial John Bates Clark Medal is awarded by the American Economic Association to "that American economist under the age of forty who is adjudged to have The Nobel Memorial Prize in Economic Sciences, officially named The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel (Sveriges riksbanks pris i ekonomisk James Tobin was President George W Bush 's New England campaign chairman

James "Jim" Tobin (March 5, 1918 – March 11, 2002) was an American economist. Events 363 - Roman Emperor Julian moves from Antioch with an army of 90000 to attack the Sassanid Empire, in a Year 1918 ( MCMXVIII) was a Common year starting on Tuesday (link will display the full calendar of the Gregorian calendar (or a Common Events 1425 BC - Thutmose III, Pharaoh of Egypt, dies (according to the Low Chronology of the 18th Dynasty See also 2002 (disambiguation Year 2002 ( MMII) was a Common year starting on Tuesday of the Gregorian calendar. The United States of America —commonly referred to as the An economist is an expert in the Social science of Economics. Tobin advocated and developed the ideas of Keynesian economics. In Economics Keynesian economics (ˈkeɪnziən also Keynesianism and Keynesian Theory) is based on the ideas of twentieth-century British economist He believed that governments should intervene in the economy in order to stabilize output and avoid recessions. His academic work included pioneering contributions to the study of investment, monetary and fiscal policy and financial markets. Furthermore, he proposed an econometric model for censored endogenous variables, the well known "Tobit model". The Tobit Model is an econometric biometric model proposed by James Tobin (1958 to describethe relationship between a non-negative dependent variabley_i and an

Outside of academia, Tobin became widely known for his suggestion of a tax on foreign exchange transactions, now known as the "Tobin tax". A Tobin tax is the suggested Tax on all Trade of Currency across borders This was designed to reduce speculation on currency markets, which he saw as unproductive. The foreign exchange ( currency or forex or FX) market refers to the market for currencies. He also suggested that the proceeds of the tax could be used to fund projects for the benefit of Third World countries, or to support the United Nations. Third World is a name given to nations that are generally considered to be underdeveloped economically The United Nations ( UN) is an International organization whose stated aims are to facilitate cooperation in International law, International security

Contents

Biography

Early life

James Tobin[1] was born on March 5, 1918 in Champaign, Illinois. Events 363 - Roman Emperor Julian moves from Antioch with an army of 90000 to attack the Sassanid Empire, in a Year 1918 ( MCMXVIII) was a Common year starting on Tuesday (link will display the full calendar of the Gregorian calendar (or a Common Champaign is a city in Champaign County, Illinois, in the United States. His parents were Louis Michael Tobin, a journalist working at the University of Illinois at Urbana-Champaign, and Margaret Edgerton Tobin, a social worker. This article is about the flagship campus For other uses and locations of University of Illinois, see University of Illinois (disambiguation The University of Tobin followed primary school at the University Laboratory High School of Urbana, Illinois, a laboratory school in the university's campus. University Laboratory High School, or Uni, was established in 1921 and is a Laboratory school located on the engineering part of the campus of the For the school located at Baton Rouge Louisiana see Louisiana State University Laboratory School For the school located at Tarlac City Philippines see Laboratory

In 1935, following his father's advice, Tobin sited through the entrance exams for Harvard University. Despite doing no special preparation before the exams, he passed and was admitted with a national scholarship from the university. During his studies he first read Keynes' General Theory of Employment, Interest and Money, published in 1936. John Maynard Keynes 1st Baron Keynes CB (ˈkeɪnz "cains" (5 June 1883 &ndash 21 April 1946 was a British Economist whose ideas The General Theory of Employment Interest and Money was written by the English economist John Maynard Keynes. Tobin graduated summa cum laude in 1939 with a thesis centered on a critical analysis of Keynes' mechanism for introducing equilibrium "involuntary" unemployment. Latin honors are Latin phrases used to indicate the level of academic distinction with which an Academic degree was earned His first published article, in 1941 (see Selected publications), was based on this senior's thesis. [2]

Tobin immediately started graduate studies, also at Harvard, earning his M.A. degree in 1940. Year 1940 ( MCMXL) was a Leap year starting on Monday (link will display the full 1940 calendar of the Gregorian calendar. Here he had among his professors Joseph Schumpeter, Alvin Hansen, Gottfried Haberler and Wassily Leontief, while the graduate students included Paul Samuelson, Lloyd Metzler, John Kenneth Galbraith, Abram Bergson, Richard Musgrave and Richard M. Joseph Alois Schumpeter ( February 8, 1883 &ndash January 8, 1950) was an Economist and Political scientist born in Alvin Harvey Hansen (1887-1975 once referred to as "the American Keynes" brought the 1930s Keynesian economics revolution to the United States. Gottfried von Haberler ( July 20, 1900 - May 6, 1995) was an economist Wassily Wassilyovitch Leontief (Василий Васильевич Леонтьев August 5, 1905, Munich, Germany February 5 Paul Anthony Samuelson (born May 15, 1915) is an American neoclassical Economist known for his contributions to many fields of Abram Bergson ( April 21, 1914, New York City - April 23, 2003) born Abram Burk was an American Economist. Richard Abel Musgrave ( December 14, 1910 – January 15, 2007) was an American Economist of German heritage Goodwin. In 1941, he interrupted graduate studies to work for the Office of Price Administration and Civilian Supply and the War Production Board in Washington, D.C.. The Office of Price Administration ( OPA) was established within the Office for Emergency Management of the United States Government by Executive Order The War Production Board ( WPB) was established as a government agency on January 16 1942 by executive order of Franklin D Washington DC ( formally the District of Columbia and commonly referred to as Washington, the District, or simply D The next year, after the United States entered World War II, he enrolled in the US Navy, spending the war as an officer on a destroyer. World War II, or the Second World War, (often abbreviated WWII) was a global military conflict which involved a majority of the world's nations, including In naval terminology a destroyer is a fast and maneuverable yet long-endurance Warship intended to escort larger vessels in a fleet, Convoy At the end of the war he returned to Harvard and resumed studies, receiving his Ph. D. in 1947 with a thesis on the consumption function written under the supervision of Joseph Schumpeter. In Economics, the consumption function is a single mathematical function used to express consumer spending [3] In 1947 Tobin was elected a Junior Fellow of Harvard's Society of Fellows, which allowed him the freedom and funding to spend the next three years studying and doing research. The Harvard Society of Fellows is a collection of luminaries selected by Harvard University to be given special honors upon whom distinctive academic and intellectual opportunities

Academic activity and consultancy

In 1950 Tobin moved to Yale University, where he remained for the rest of his career. He joined the Cowles Foundation, which moved to Yale in 1955, also serving as its president between 1955-1961 and 1964-1965. The Cowles Commission for Research in Economics is an Economic Research institute, founded in Colorado Springs in 1932 by Alfred Cowles, a businessman His main research interest was to provide microfoundations to Keynesian economics, with a special focus on monetary economics. In Economics Keynesian economics (ˈkeɪnziən also Keynesianism and Keynesian Theory) is based on the ideas of twentieth-century British economist Monetary theory (known also as money/macro theory) is a major branch of Macroeconomics and a framework of analysis that deals with monetary systems and In 1957 he was appointed Sterling Professor at Yale. A Sterling Professorship is the highest academic rank at Yale University, awarded to a tenured faculty member considered one of the best in his or her field

Besides teaching and research, Tobin was also strongly involved in the public life, writing on current economic issues and serving as an economic expert and policy consultant. During 1961-62, he served as a member of John F. Kennedy's Council of Economic Advisors, under the chairman Walter Heller, then acted as a consultant between 1962-68. John Fitzgerald "Jack" Kennedy (May 29 1917&ndashNovember 22 1963 often referred to by his initials JFK, was the thirty-fifth President of The Council of Economic Advisers (CEA is a group of Economists who advise the President of the United States. Walter Wolfgang Heller (1915-1987 was born to German immigrant parents in Buffalo NY Here, in close collaboration with Arthur Okun, Robert Solow and Kenneth Arrow, he helped design the Keynesian economic policy implemented by the Kennedy administration. Arthur Melvin "Art" Okun ( November 28 1928 in Jersey City, New Jersey - March 23[[ 980]] Washington D Robert Merton Solow (born August 23 1924 is an American Economist particularly known for his work on the theory of Economic growth. Kenneth Joseph Arrow (born August 23, 1921) is an American Economist and joint winner of the Nobel Memorial Prize in Economics Tobin also served for several terms as a member of the Board of Governors of Federal Reserve System Academic Consultants and as a consultant of the US Treasury Department. The United States Department of the Treasury is a Cabinet department and the Treasury of the United States government. [4]

Tobin was awarded the John Bates Clark Medal in 1955 and, in 1981, the Nobel Memorial Prize in Economics. The biennial John Bates Clark Medal is awarded by the American Economic Association to "that American economist under the age of forty who is adjudged to have Year 1955 ( MCMLV) was a Common year starting on Saturday (link displays the 1955 Gregorian calendar) Year 1981 ( MCMLXXXI) was a Common year starting on Thursday (link displays the 1981 The Nobel Memorial Prize in Economic Sciences, officially named The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel (Sveriges riksbanks pris i ekonomisk He was a fellow of several professional associations, holding the position of president of the American Economic Association in 1971. The American Economic Association, or AEA, is the oldest and most important professional organization in the field of Economics.

In 1972 Tobin, along with fellow Yale economics professor William Nordhaus, published Is Growth Obsolete[5], an article that introduced the Measure of Economic Welfare as the first model for economic sustainability assessment. William Dawbney "Bill" Nordhaus (b May 31, 1941, Albuquerque, New Mexico, USA) is the Sterling Professor of The Index of Sustainable Economic Welfare is an economic indicator intended to replace the Gross domestic product. Sustainability, in a general sense is the capacity to maintain a certain process or state indefinitely

In 1988 Tobin formally retired from Yale, but continued to deliver some lectures as Professor Emeritus and continued to write. The meaning of the word professor ( Latin: professor, person who professes to be an expert in some art or science teacher of highest rank) varies He died on March 11, 2002, in New Haven, Connecticut. Events 1425 BC - Thutmose III, Pharaoh of Egypt, dies (according to the Low Chronology of the 18th Dynasty See also 2002 (disambiguation Year 2002 ( MMII) was a Common year starting on Tuesday of the Gregorian calendar.

Tobin was a trustee of the Economists for Peace and Security.

Personal life

James Tobin married on September 14, 1946 with Elizabeth Fay Ringo, a former M.I.T. student of Paul Samuelson. They had four children: Margaret Ringo (born in 1948), Louis Michael (born in 1951), Hugh Ringo (born in 1953) and Roger Gill (born in 1956). [4]

Selected publications

References

  1. ^ Tobin, James. "Autobiography", published in Nobel Lectures. Economics 1981-1990, Editor Karl-Göran Mäler, World Scientific Publishing Co. , Singapore, 1992
  2. ^ Solow, Robert. Robert Merton Solow (born August 23 1924 is an American Economist particularly known for his work on the theory of Economic growth. (2004). "James Tobin", Proceedings of the American Philosophical Society vol. 148, no. 3
  3. ^ James Tobin, "James Tobin" in Lives of the Laureates, Seven Nobel Economists, Edited by William Breit and Roger W. Spencer, The MIT Press, Cambridge, Massachusetts, London, England, 1986
  4. ^ a b James Tobin's CV at the Cowles Foundation's website
  5. ^ Nordhaus, W. and J. Tobin, 1972. Is growth obsolete?. Columbia University Press, New York.

See also

External links

Guaranteed minimum income (GMI is a proposed system of Social welfare provision that guarantees that all Citizens or families have an income sufficient Tobin's q is a ratio comparing the value of a company given by financial markets with the value of a company's assets The Tobit Model is an econometric biometric model proposed by James Tobin (1958 to describethe relationship between a non-negative dependent variabley_i and an The Nobel Foundation (Nobelstiftelsen is a private institution founded on 29 June 1900 to manage the finances and administration of the Nobel Prizes. The Cowles Commission for Research in Economics is an Economic Research institute, founded in Colorado Springs in 1932 by Alfred Cowles, a businessman
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