Why do so many talented economic theorists believe and teach elegant fantasies so obviously refutable by plainly evident facts?
The miserable failures of capitalist economies in the Great Depression were root causes of worldwide social and political disasters.
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|Birth:||5th March, 1918|
|Death:||11th March, 2002|
James Tobin was born in Champaign, Illinois, USA. He was an American economist. He received the Nobel Memorial Prize in Economic Sciences in 1981. He served on the Council of Economic Advisers and the Board of Governors of the Federal Reserve System. He developed the ideas of Keynesian economics, and advocated government intervention to stabilize output and avoid recessions. He also proposed an econometric model for censored endogenous variables, the well-known "Tobit model". Outside of academia, he was widely known for his suggestion of a tax on foreign exchange transactions, now known as the "Tobin tax". He earned a BA degree in 1939 and an MA degree in 1940 both from Harvard University. He received his PhD in Economics from Harvard University in 1947. In 1957, he was appointed Sterling Professor of Economics at Yale University. He wrote several books include: National Economic Policy, Essays in Economics, and The New Economics One Decade Older.
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