Tobin, James

Tobin, James (1918- ), American economist and Nobel laureate. He is best known for his explanation of how national economic policies, such as changes in taxation rates and government bond prices, affect consumer investment and spending. Tobin was born in Champaign, Illinois. He studied economics at Harvard University, earning a bachelor's degree in 1939 and a master's degree in 1941. During World War II Tobin served as an officer on a destroyer. After the war he returned to Harvard, receiving a Ph.D. in economics in 1947. He remained at Harvard as an economics professor until 1950, when he joined the faculty at Yale University. He taught at Yale until 1988.