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
Tobin was named to the Executive Council in 1841 and became a member of the amalgamated legislature in 1842. In 1848, when the assembly and council were again split, he continued as a member of the Executive Council. In 1849, Tobin was named a special stipendiary and a customs inspector for St. George's. However, he was unpopular and was removed from these posts in 1853. In 1855, Tobin presented himself as a candidate for the Placentia and St. Mary's seat in the assembly; however, he withdrew his candidacy after he was named to the Legislative Council.