The American economist James Tobin received the Nobel Prize in Economic Sciences in the year 1981 for his analysis of financial markets and their relations to expenditure decisions, employment, production, and prices.
James Tobin was born on 5th March 1918 in the US. He served as a member of President John F. Kennedy’s the Council of Economic Advisers, and the Board of Governors of the Federal Reserve System. He was with the University of Yale since 1950.
A collection of his selected articles, ‘National Economic Policy’, was published in 1966.
In 1970, Tobin was president of the American Economic Association. 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. He died on 11th March 2002, in Connecticut, US.
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