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.
James William Tobin
The son of James Tobin, a Halifax merchant, and Eleanor Lanigan, he was born in Halifax, Nova Scotia but had moved to Newfoundland by 1828. Tobin formed a firm in partnership with John Bayley Bland in 1831 which operated a packet service between Halifax and St. John's, and was also involved in general inter-colonial trade. The partnership was dissolved in 1839 but Tobin continued operations in partnership with James B. Hutton. The new firm, James Tobin and Company, also became heavily involved in the seal fishery. In 1834, he married Emily Cecilia Bullen.