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The Nobel Memorial Laureates in Economics

The Nobel Memorial Laureates in Economics

An Introduction to Their Careers and Main Published Works

Howard R. Vane and Chris Mulhearn

Erudite, accessible and lucidly written, this book provides a stimulating introduction to the careers and main published works of the Nobel Memorial Laureates in Economics. It will prove to be an invaluable reference book on key figures in economics and their path-breaking insights. The vignettes should also encourage the reader to sample some of the Laureates’ original works and gain a better understanding of the context in which new ideas were first put forward.


Howard R. Vane and Chris Mulhearn

Subjects: economics and finance, economic psychology, history of economic thought


THE 1981 NOBEL MEMORIAL LAUREATE JAMES TOBIN JAMES TOBIN James Tobin (1918–2002) © The Nobel Foundation James Tobin was born in Champaign, Illinois, USA in 1918. In receipt of a scholarship, he studied at Harvard University earning a BA in 1939 and an MA in 1940. His graduate studies at Harvard were interrupted by his wartime service, first as a junior economist in the US Office of Price Administration and Civilian Supply and War Production from 1941 to 1942, and then from 1942 to 1946 when he served in the US Navy. In 1946 Tobin returned to Harvard to complete his doctoral thesis on the theory and statistics of the consumption function, and was awarded a PhD in 1947. Tobin then taught at Harvard for three years as a junior fellow during which time he spent a year in England as a visitor to the Department of Applied Economics at Cambridge University from 1949 to 1950. In 1950 he joined the economics department at Yale University as an associate professor, later holding the posts of Professor of Economics (1955–57), Sterling Professor of Economics (1957–88), and chairman of the Economics Department (1968–69 and 1974–78). At Yale he also served as director of the Cowles Foundation for Research in Economics from 1955 to 1961 and from 1964 to 1965. From 1988, until his death in 2002, he was Sterling Professor, Emeritus, at Yale University. As is evident from this brief biographical overview, Tobin spent almost his entire...

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