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Lives of the LaureatesTwenty-three Nobel Economists$
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Roger W. Spencer and David A. Macpherson

Print publication date: 2014

Print ISBN-13: 9780262027960

Published to MIT Press Scholarship Online: May 2015

DOI: 10.7551/mitpress/9780262027960.001.0001

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James Tobin

James Tobin

(p.73) James Tobin
Lives of the Laureates

Roger W. Spencer

David A. Macpherson

The MIT Press

This chapter looks at the achievements of James Tobin who received the Nobel Prize in 1981. Tobin was born in 1918. He earned his under- and post graduate degrees from Harvard, including his doctorate in 1947. He was sterling professor of economics at Yale University from 1957 to 2002. His work after the war involved statistics and econometrics in research which led him to propose a new statistical method known as Tobit analysis. He was interested in Keynesian economics and macroeconomics and sought to improve the theoretical foundations of existing macro models, and to clarify the roles of monetary and fiscal policies. The bulk of his work in the 1950s and 1960s was on the monetary side of macroeconomics. Key publications of his include The American Business Creed and National Economic Policy.

Keywords:   James Tobin, Tobit analysis, Keynesian economics, econometrics in research

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