James Tobin Biography, Age, Weight, Height, Friend, Like, Affairs, Favourite, Birthdate & Other

1981 – Nobel Prize in Economics

Sometimes the true worth of a person can be gauged from the legacy he/she leaves behind. James Tobin is one such man whose lifelong work in economics has left a lasting influence on how we understand the behavior of financial markets. Born into a middle-class, educated and liberal family, Tobin, from his childhood was exposed to intellectual dialogue, which helped shaped his career and mold his thoughts. He was very much interested in economics as he thought that it offered hope to better mankind.

It was his growing up years in the 1930s, during the Great Depression, a time of social and political crisis, which had a great influence on his thought. He reasoned, correctly, that the failure of capitalist economics was the main reason for much of the economic disasters facing the world. So, in that time of crisis, he too became a trigger that started a revolution in economic theory, partly as a challenge to the economic orthodoxy prevalent at that time.

Nowadays, many of his theories have become standard applications in financial models and his works have become standard topics in the subject of economics. To know more on one of the most brilliant thinker of our times, continue reading the biography further.