James Tobin

James Tobin (March 5, 1918 – March 11, 2002) was a United States economist.

Related Topics:
March 5 - 1918 - March 11 - 2002 - United States - Economist

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He graduated from University Laboratory High School of Urbana, Illinois and Harvard University, served as an economic advisor to the government of John F. Kennedy, and taught for many years at Yale University. In 1955 he won the John Bates Clark Medal, and in 1981 he won the Nobel Prize in economics.

Related Topics:
University Laboratory High School of Urbana, Illinois - Harvard University - John F. Kennedy - Yale University - 1955 - John Bates Clark Medal - 1981 - The Nobel Prize in economics

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Tobin advocated and developed the ideas of Keynesian economics. He believed that governments should intervene in the economy in order to stabilise output and avoid recessions. His academic work included pioneering contributions to the study of investment, monetary and fiscal policy and financial markets.

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Outside of academia, Tobin became widely known for his suggestion of a tax on foreign exchange transactions, now known as the "Tobin tax." This was designed to reduce speculation on currency markets, which he saw as unproductive. 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.

Related Topics:
Tax - Tobin tax - Currency market - Third World - United Nations

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