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.
Alan Heston
Heston was born October 18, 1934, and raised in Portland, Oregon. In 1955, he received his B.A. in Economics from the University of Oregon. He received his M.A. in Economics from the University of Washington in 1957. In 1962, he received his Ph.D. in Economics from Yale University, where he studied under James Tobin, the winner of the 1981 Nobel Memorial Prize in Economic Sciences.