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James Tobin Accomplishments

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Unfortunately James Tobin is no longer with us, passing away in 2002 at the tender age of 84 he lived a full and prestigious life. James Tobin was born in Champaign, Illinois to a social worker and journalist in 1918. In 1935, he enrolled into Harvard College with one of the earliest Conant Prize Fellowships presented to an incoming student. Graduating summa cum laude in 1939 he continued doing graduate work for two more years. Afterwards he started work with the Office of Price Administration and Civil Supply and the War Production Board in Washington, D.C.; then, when the United States entered WWII he served as an officer on a destroyer. In 1946 he managed to find work again writing a dissertation at Harvard and as a Junior Fellow in Harvard’s …show more content…
Throughout his lifetime he wrote or edited sixteen books, over four-hundred articles, and would write essays for those not in the field. Several key concepts which include “Tobin’s q,” “Tobit” regression model, and the “Tobin tax”. James Tobin in 1955 became the director for the Cowles Foundation for Research in Economics and the same year was awarded the John Bates Clark Medal by the American Economic Association. Let a little time pass in in 1961 James Tobin was approached by President Kennedy whom invited him onto the Council of Economic Advisers. Also, Tobin was an academic consultant to the Board of Governors of the Federal Reserve and to the U.S. Treasury Department. In 1971, he served as president of the American Economic Association and the following year was selected as a member of the National Academy of Sciences. Only nine years later he was prestigiously given the Nobel Memorial Prize in Economics “for his analysis of financial markets and their relations to expenditure decisions, employment, production and

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