James Tobin

James Tobin was born on March 5, 1918, in Champaign, Illinois and passed away on March 11, 2002, in New Haven, Connecticut . He was a citizen of the United States and held various occupations such as economist, officer (armed forces), statistician, soldier, and professor . Tobin was educated at the University of Illinois at Urbana–Champaign, Harvard University, and the University Laboratory High School in Urbana, Illinois .

Throughout his academic career, Tobin had numerous doctoral students, including Edmund Phelps, Janet Yellen, Willem Buiter, and Richard R. Nelson, among others . He was a doctoral advisor to economist Joseph Schumpeter .

Tobin was known for his work in portfolio theory, Keynesian economics, Tobin's q, the Tobit model, Tobin Tax, and the Mundell–Tobin effect . His main area of study was macroeconomics . In recognition of his contributions to the field of economics, Tobin was awarded the 1981 Nobel Memorial Prize in Economic Sciences .