Jim Tobin
Jim Tobin
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Full Name and Common Aliases
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James Tobin, commonly known as Jim Tobin, was an American economist who made significant contributions to the field of economics.
Birth and Death Dates
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Born on March 24, 1918
Died on March 11, 2002
Nationality and Profession(s)
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Tobin was a citizen of the United States and held the profession of economist. He is best known for his work in macroeconomics.
Early Life and Background
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Jim Tobin was born in 1918 in Chicago, Illinois, to James Douglas Tobin and Elizabeth (née) Brown. His father was an accountant, and his mother was a homemaker. Tobin's early life was marked by a strong interest in economics, which he pursued at Harvard University.
Tobin earned his Bachelor of Arts degree from Harvard in 1939 and went on to complete his Master's degree in 1941. He then served in the United States Army during World War II before returning to Harvard for his Ph.D., which he received in 1952. Tobin later held positions at Yale University, Harvard University, and Northwestern University.
Major Accomplishments
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Tobin is renowned for several key accomplishments:
Fisher Ideal Quantity Theory: He developed a new approach to the quantity theory of money that became known as the Fisher Ideal Quantity Theory.
The Tobin Tax: Tobin proposed a tax on international currency transactions, which has since been dubbed the "Tobin Tax."
Macroeconomic Policy: His work in macroeconomic policy emphasized the importance of stabilizing aggregate demand to promote economic growth.
Notable Works or Actions
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Some notable works by Tobin include:
"A Dynamic Aggregative Model for Activity Analysis": This paper presented a mathematical model that could be used to analyze economic activity.
* "The New Economics One-Dimensional Society: An American Balancing Act": This work examined the impact of the US economy on other countries and proposed a new approach to international trade.
Impact and Legacy
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Tobin's contributions to economics have had a lasting impact on the field. His ideas about stabilizing aggregate demand and promoting economic growth continue to influence policymakers today.
Why They Are Widely Quoted or Remembered
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Jim Tobin is widely quoted for his insightful observations on macroeconomic policy and international trade. His work has been recognized with numerous awards, including the 1983 Nobel Memorial Prize in Economic Sciences.
Quotes by Jim Tobin
These guys have been around long enough to know that HF-L, of all the teams we play, plays the best game of soccer, ... Each year that you play these guys you know that you have no choice but to be very intense and try to be physical. It's a big win for us. I thought the kids played very well.
I'm very pleased to appoint such experienced and accomplished leaders for our new CRM Group. We look forward to applying their combined talents to leading the recovery of the CRM business. We believe strongly the combination of Guidant's state-of-the-art technology and dedicated people will allow the new CRM leadership team to recover both market share and reputation. I am fully committed to providing them the resources they need to make this happen.
The message was that we were not moving fast or deeply enough to resolve the problem ? they wondered if we got it. We have to get our act together and step it up and show them we do get it.
It's tough being on the road with those long bus trips. We had a great crowd tonight. I have to applaud all of the people that came out. The football kids were great. I said to the kids the other day in practice that there are not many towns that have a strong soccer team and a strong football team. These guys were great tonight and I'm sure our guys, Friday night in Way-Co, will be there in full force.
Although we are pleased with the result of the inspection of our largest plant, we have clearly not done enough to resolve the issues raised by the FDA last year. We are confident we have addressed many of these issues, but others have not yet been fully resolved. We will work closely with the FDA to resolve these outstanding issues, and we believe we are on track to do so promptly.
This is a sound and constructive report whose recommendations can and must be implemented. We clearly understand and acknowledge our need to do better in this area.
Product quality and performance have always been a top priority at Boston Scientific. We are bringing the same urgency to our overall quality and reporting management. We believe we have made a lot of progress, but we still have a ways to go. We are looking forward to our meeting with the FDA and to resolving these issues.
Boston Scientific plans to implement all the recommendations that apply to manufacturers. In particular, we believe an industry-wide, independent committee of outside experts should be established.
