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.
Maurice J. Tobin
Tobin was born in Mission Hill, Boston, Massachusetts on May 22, 1901. Deeply rooted in the highly politicized Irish Catholic community, he was the oldest of four children of James Tobin, a carpenter, and Margaret Daly. He graduated from Boston College and worked for Conway Leather and New England Telephone before entering politics as a protégé of the legendary James Michael Curley. Tobin was elected to the Massachusetts House of Representatives at the age of 25 and served from 1927 to 1929.