Abstract
James Tobin was a brilliant economist and the leading proponent of Keynesian economics in the second half of the 20th century. He greatly advanced understanding of financial institutions and monetary theory and policy. He stressed the importance of asset holdings and wealth on consumer spending. He also argued that ‘q’, the ratio of a firm’s market value to the replacement value of its assets, was an important determinant of its investment decisions. He made major contributions to econometric methods, international economics, the theory of growth and business cycles, and policies designed to improve the welfare of minorities and the poor.
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Hester, D.D. (2018). Tobin, James (1918–2002). In: The New Palgrave Dictionary of Economics. Palgrave Macmillan, London. https://doi.org/10.1057/978-1-349-95189-5_2435
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DOI: https://doi.org/10.1057/978-1-349-95189-5_2435
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