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James Tobin (March 5, 1918 – March 11, 2002) 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.
Mar 11, 2002 · James Tobin (born March 5, 1918, Champaign, Illinois, U.S.—died March 11, 2002, New Haven, Connecticut) was an American economist whose contributions to the theoretical formulation of investment behaviour offered valuable insights into financial markets.
- Early Life and Education
- Public Service
- Portfolio Selection Theory
- The Tobin Tax
- The Bottom Line
James Tobin was born on March 5, 1918, in Champaign, Ilinois. He earned both a bachelor's and master's degree from Harvard University. After his graduation in 1940, Tobin began his career at the Office of Price Administration and Civilian Supply in Washington, D.C. During World War II, he served in the United States Navy. Tobin returned to Harvard ...
Applying the study of economics to real-world problems guided James Tobin’s work throughout his career and he once noted, “Economics has always been a policy-oriented subject. Unless it is applied to the urgent policy issues of the day, it will become a sterile exercise, without use or interest." In 1961, President Kennedy invited James Tobin to se...
James Tobin received the Nobel Prize in economics in 1981 for his analysis of financial markets and their relations to expenditure decisions, employment, production, and prices. His portfolio selection theory defines how financial markets influence the investment decisions of households and businesses based on weighted risks and expected rates of r...
James Tobin developed the "Tobin Tax" in response to the collapse of the Bretton Woods agreement in 1971. Volatile floating currency exchange rates replaced fixed currency exchange rates once based on the U.S. dollar's link to a gold standard. As money moved quickly in an environment of varying rates, Tobin proposed to reduce this volatility with a...
James Tobin was an American economist who received the 1981 Nobel Prize in economics. He pioneered the "Tobin Tax," the study of portfolio selection theory, and has influenced theories in economics including the Baumol-Tobin Model and the "Tobin Q."
The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 1981 was awarded to James Tobin "for his analysis of financial markets and their relations to expenditure decisions, employment, production and prices"
Mar 11, 2002 · James Tobin. The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 1981. Born: 5 March 1918, Champaign, IL, USA. Died: 11 March 2002, New Haven, CT, USA. Affiliation at the time of the award: Yale University, New Haven, CT, USA.
Who is James Tobin? Born on March 5, 1918, James Tobin is an American economist who was awarded the Nobel Prize for his work and analysis of financial markets and how they relate to production, prices, expenditure decisions and budgeting, and employment.
James Tobin, a Nobel laureate in economics, believed deeply in the power of ideas. Over the course of an esteemed career, he served as Sterling Professor at Yale University, a member of President Kennedy’s Council of Economic Advisers, and an academic consultant to the Board of Governors of the Federal Reserve.
