Tobin (Tobin), James( The American economist, Nobel Memorial Award in Economics, 1981)
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Biography Tobin (Tobin), James
genus. March 5, 1918
American economist James Tobin was born in g. Champaign (Illinois). He was the eldest of two sons, Louis Michael Tobin and Margaret (nee Egerton), Tobin. His father, a passionate knigochey and a man with broad intellectual interests, worked responsible for promoting sports section of the University of Illinois. The mother, after having raised their children, returned to work in the social sphere and became director of the local agency to provide domestic service, having worked in it even for twenty-five years. T. pays tribute to his father for what he had awakened in him the intellectual curiosity, and in later years spoke of him as a 'wise and kind teacher'. After studying in secondary schools of his native city of T. enrolled in school at the University of neighboring g. Urbana, where, besides studying, he was involved in basketball and participated in performances in drama groups and edited the school almanac.
At the insistence of his father T. participated in a national competition held in 1935. Harvard University, and earned a full scholarship to study at this university. At Harvard, he chose his specialization economy. He also participated in student government, played basketball and worked in the almanac. In 1939, Mr.. He received a bachelor's degree in economic sciences together. During the next two years, he continued his studies at Harvard University as a graduate student under the guidance of professors, as Joseph Schumpeter, Alvin Hansen, Seymour Harris, Edward Mason and Wassily Leontief. He also met with the younger teachers and their classmates, including Paul Samuelson, Paul Sweeney, John Kenneth Galbraith, Abram Bergson, Richard Goodwin and Lloyd Reynolds.
. After receiving a master's degree in Economics at Harvard in 1941
. T. first worked in the Office of the price regulation, then the Council of civilian supplies and military production in Washington (DC). After the entry of the United States into World War II, he enlisted in the Navy. After officer training at Columbia University, he served four years as an artillery officer, navigator and officer on special assignments on the destroyers 'Kearney'.
In 1946, Mr.. T. returned to Harvard University for a teaching position. The following year, after defending his thesis entitled 'A theoretical and statistical study of the function of consumption' ( "Theoretical and Statistical Study of Consumption Function"), he received a doctorate in economics.
. His student years, when he first got carried away nosivshimi revolutionary economic theories of John Maynard Keynes, T
. fully took his theory. 'The new political economy' Keynes rejected the established practice in those days the orthodox concept of laissez-faire (the theory of free competition), and advocated for government intervention in the economy using the methods of fiscal and monetary policies to achieve economic growth and full employment,
. Later T. made an important contribution to the development of Keynesian theory, . in its improvement on several strategic areas, . so, . as an introduction to its general equilibrium model on the markets of money and capital markets, . development of a new theory of investment, . based on the Keynesian concept of the offer price of capital, . and the use of Keynesian approach to the problems of stabilization policy.,
. After his election in 1947
. in the prestigious Society of staff at Harvard University T. spent the next three years research. At this time he wrote a chapter to the book 'The American economic credo' ( "The American Business Creed", 1956) and published several articles on macroeconomics, statistical analysis of demand and the theory of rationing.
In 1950. T. was appointed Adjunct Professor at Yale University, which became his permanent place of work. In addition to teaching, . He conducted research in financial markets, . developed the theoretical issues, . concerning changes in the amount of funds (assets) and the situation in the money markets influenced policy decisions in the field of consumption, . production and investment.,
. At this time T
. developed his 'theory of choice of portfolio investment', whereby investors have rarely sought only to obtain the highest profit, not taking into account all other factors. He came to the conclusion that investors seek to combine investments with higher risk and less risky, in order to achieve balance in their investment portfolios. Based on the models of equilibrium asset in combination with an analysis of the stock movement of securities, he put forward a new concept of 'factor q' - ratio, which expresses the ratio of market value of physical assets to the cost of replacing them. His empirical studies have shown the importance of the coefficient q influence the situation on the stock market to private investment. T. also distributed a short-term macroeconomic analysis of Keynes's model of long-term growth, which created the basis for his work on economic policy.
Many of the outstanding works of T. were precisely the application of macroeconomic theory to economic policy. Critical of overly simplistic monetarist approaches, he strongly opposed the recommendations of Milton Friedman - that his activities are particularly well known. Model portfolio, containing many types of securities, developed by the TA, make available to the economic policy is much more extensive range of tools than its predecessor, the model. His model was well suited for studying the effect of fiscal policy on the economy.
When in 1955. Cowles Commission for economic research linking economic theory with mathematical and statistical research, moved from the University of Chicago to Yale, T. became its director. Two years later he was appointed professor of economics at Yale University, where he was for many years. In 1961, engaging in public debate on economic policy of the Government, he published in the January issue of 'Challenge' ( "Challenge") articles criticizing the harsh measures of the Federal Reserve in monetary. These measures, he explained, will oppose attempts by the administration of President John F. Kennedy to raise the level of employment and production.
This topic has become an important subject in many of, published during the next decades. Staunch supporter of the fact that unemployment causes tremendous losses, he could not accept the view that a prolonged and deep recession (recession) was regarded as a means to combat inflation. He often advocated a more active policy aimed at expanding economic activity, and for taking measures to reduce the unemployment rate even lower than its 'natural' level. Far from trying to underestimate the problem of inflation, he often turned to the calculations of how the benefits derived from employment, compensate for losses caused by inflation. As one of the ways to solve the problem, he recommended as a temporary resort to the practice of revenue management policies.
In 1970. T. was elected president of the American Economic Association. In his inaugural speech to this post, he stressed the need for continuous control over wages and prices, which in his opinion, puts an end to recessions. Bearing in mind the need for such policies, . He was involved in the entire presidential campaign on the side of Senator George McGovern, . developed with a number of other economists, a program of income redistribution, given the increased income of the poor,
. When McGovern was defeated in the elections, T. returned to his research and teaching activities.
He continued to publish his work, releasing in 1971. book 'Macroeconomics' ( "Macroeconomics") and the first conceived three-volume work 'Sketches of Political Economy' ( "Essays in Economics"). The second volume of 'Consumption and Econometrics' ( "Consumption and Econometrics") was published in 1975, and the third - 'Theory and Policy' ( "Theory and Policy") - appeared in 1982. Since T. always supported the Keynesian economic theory, there is nothing surprising in the fact that he was one of the most vocal critics of the economic policies of President Ronald Reagan and pursued by the Federal Reserve's tight monetary policy.
. in 1981. was awarded a Nobel Prize for Economics memory 'for the analysis of financial markets and their influence on policy decisions relating to expenditure on the situation of unemployment, production and prices'. In a speech at the presentation of the winner Assar Lindbeck, a member of the Royal Swedish Academy of Sciences, noted that the work of T. important, 'because the effect on the economy from the economic, monetary and fiscal policy is transmitted largely through the money markets and securities'. Lindbeck paid tribute to the T. for, . it has created 'a strong and suitable for the application of empirical basis for research into the functioning of markets, money and securities' and showed, . 'as changes, . occurring in these markets, . affect the size of consumption, . investment, . production, . employment and economic growth '.,
. Over the years, T
. worked as an adviser to both government and private organizations, such as the Federal Reserve, U.S. Treasury, the Budget Committee of the Congress. Ford Foundation. Between 1967 and 1970. He was Chairman of the City Planning Commission, New Haven (Conn.), and in 1969 ... 1970. was a member of the New York City Commission on Regulation of inflation and economic welfare.
Since 1946, Mr.. T. Married to Elizabeth Fay Ringo, teacher. They have one daughter and three sons. During the holidays, he is engaged in cycling, playing tennis, skiing, fishing, chess. Likes to attend baseball competition.
T. is a member of the U.S. National Academy of Sciences. American Philosophical Society, the American Academy of Arts and Sciences and the American Statistical Association. He was awarded honorary degrees at Syracuse, Illinois, New University of Lisbon and the Dartmouth-and Svortmor College.