James Tobin
James Tobin (March 5, 1918 – March 11, 2002) was an American economist who served on the Council of Economic Advisers and the Board of Governors of the Federal Reserve System, and taught at Harvard and Yale Universities. He developed 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". Tobin received the Nobel Memorial Prize in Economic Sciences in 1981.
Edmund William Tobin
Born in Brompton Falls, Canada East, he was a lumber merchant and manufacturer who was President of the Lotbiniere Lumber Company in Lester, Quebec and President of the Trois-Pistoles Pulp Company in Trois-Pistoles, Quebec. He was Warden of the County of Richmond in 1897-98 and Mayor of Brompton Falls. He was first elected to the House of Commons of Canada for the riding of Richmond—Wolfe in the 1900 federal election. A Liberal, he would be re-elected every time for the next 7 elections until being summoned to the Senate of Canada on the advice of William Lyon Mackenzie King in 1930 representing the senatorial division of Victoria, Quebec. He would serve until his death in 1938.