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.
Thomas Tobin
On 6 June 1806, John's brother, Thomas, married Esther Watson, daughter of Richard Watson of Preston in Preston Church. They took up residence in Bold Street in Liverpool. At that time Bold Street had not become a shopping street but consisted of dwelling houses of well-to-do merchants, many of whom had their counting houses at the back. About halfway up the street Thomas Tobin, senior, lived in a fine house with a counting house behind. Thomas Tobin, senior, had a large family-six boys and six girls. The eldest of these were also called Thomas after his father and he was born on 22 March 1807, and was baptised in St. Peter's Church, Church Street, on 26 June 1807. Very little is known about the young Thomas upbringing, except, as the oldest son, he naturally became involved in his fathers business.