The most useful definition of the term as a noun seems to be an extremely liquid asset, measured in a standard unit of account and capable with certainty of discharging debts expressed in that unit. As applied to the United States at the present time, this definition includes in money the circulating stock of metallic small change, Federal Reserve Notes and other paper currency, and also the stock of commercial bank deposits with checking privileges. In rare cases where there are unusually sharp cleavages in attitudes and expectations within a given society, it may even imply different moneys for different groups within that society.
He developed the ideas of Keynesian economics, and advocated government intervention to stabilize output and avoid recessions. Son of late Louis Michael and of Margaret Edgerton. Education Post-secondary school education in his native city Tobin went to school at the nearby University of Urbana, where in addition to training in sports, and participated in school drama productions, literary editor of the almanac.
InTobin returned to graduate school at Harvard University. The following year he defended his doctoral thesis on "Theoretical and Statistical Study of Consumption Function".
Over the next three years, Tobin was a Fellow at Harvard University and did research, and the last year he spent in the Department of Applied Economics at Cambridge University in England. Career InTobin was appointed associate professor at Yale University, which became his permanent place of work.
In addition to teaching, he led research in the theory of financial markets, developed theoretical questions regarding the changes in the size of funds assets and the situation in the money markets influenced policy decisions in the field of consumption, production and investment.
When inCowles Commission for Economic Research-setting relationship between economic theory and mathematical and statistical research, moved from Chicago to Yale University, Tobin became its director, remaining in that position until InTobin repeatedly served as director of Cowles Commission.
In he became a full professor of Economics at Yale University.
By participating in the public debate on the government's economic policies that unfolded inhe published in the January issue of the "Challenge" article criticizing harsh measures by the Federal Reserve in the currency.
These measures, Tobin argued, will oppose attempts to administration of President John F. Kennedy to raise the level of employment and production. Raised in the article topic has been the subject of many research works Tobin, published in the next decades.
One of the most significant in this regard is the book "Asset Accumulation and Economic Activity. Reflections on Contemporary Macroeconomic Theory" InTobin was elected president of the American Economic Association.
In his inaugural address to the post, he stressed the need for continuous control over wages and prices. Based on the need for such a policy, he was involved in the entire presidential campaign on the side of Senator George McGovern, co-developed with other economists program of income redistribution in order to increase incomes of the poor.
When George McGovern was defeated in the election, Tobin returned to the research and teaching activities.
Achievements James Tobin eveloped the ideas of Keynesian economics, and advocated government intervention to stabilize output and avoid recessions. His academic work included pioneering contributions to the study of investment, monetary and fiscal policy and financial markets.
He also proposed an econometric model for censored endogenous variables, the well-known "Tobit model". Outside of academia, Tobin was widely known for his suggestion of a tax on foreign exchange transactions, now known as the "Tobin tax".
This was designed to reduce speculation in the international currency markets, which he saw as dangerous and unproductive. Works Theoretical and statistical study of consumption function The American business creed Asset accumulation and economic activity.Dr.
James Tobin was a Nobel Prize winning economist and former Sterling Professor Emeritus of Economics at Yale University.
He was born on March 5, and died March 11, at the age of He joined the Economics department at Yale in James Tobin was born in Champaign, Illinois, USA in In receipt of a scholarship, he studied at Harvard University earning a BA in and an MA in Free sustainability papers, essays, and research papers.
Green Innovation in Tourism for Economic Sustainability - The tourism sector has undoubtedly become one of the globe’s foremost drivers of economic development, sustainability and progress.
John Maynard Keynes, 1st Baron Keynes of Tilton (5 June – 21 April ) was a British economist whose ideas, known as Keynesian economics, had a major impact on modern economic and political theory and on many governments' fiscal policies.. See also: The General Theory of Employment, Interest and Money.
Books by James Tobin, To Conquer the Air, World Finance And Economic Stability, Great Projects, International currency regimes, capital mobility and macroeconomic policy, First to Fly, Price flexibility and output stability, Poverty in relation to macroeconomic trends, cycles and policies, Essays in Economics.
This is an excellent collection of articles,some coauthored with other economists,written by yunusemremert.com review will concentrate on essay number 3, from the first part of the book, on liquidity preference and monetary policy,and essay number 15,from the third part of Reviews: 1.