Frases de James Tobin

James Tobin fue un economista keynesiano estadounidense.

Fue laureado con el Premio del Banco de Suecia en Ciencias Económicas en memoria de Alfred Nobel, miembro del Consejo de Asesores Económicos de la Presidencia de los Estados Unidos y de la Junta de gobierno del Sistema de Reserva Federal, profesor en las universidades de Harvard y Yale.

Creía que los gobiernos debían intervenir en la economía con el fin de estabilizar la producción total y evitar las recesiones. Su trabajo académico incluía contribuciones pioneras al estudio de las inversiones, la política monetaria y fiscal y los mercados financieros. Inclusive propuso un modelo econométrico para variables endógenas censuradas, el modelo Tobit.

Fuera del mundo académico se le conoce por su sugerencia de gravar los flujos de capitales, propuesta actualmente conocida como Tasa Tobin, que se ha convertido en uno de los caballos de batalla del altermundismo, si bien el propio Tobin creía que se estaba abusando de su nombre y su idea.[1]​ Wikipedia  

✵ 5. marzo 1918 – 11. marzo 2002
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James Tobin: 22   frases 0   Me gusta

James Tobin: Frases en inglés

“The miserable failures of capitalist economies in the Great Depression were root causes of worldwide social and political disasters.”

"James Tobin - Biographical" (1981)
Contexto: For me, growing up in the 1930s, the two motivations powerfully reinforced each other. The miserable failures of capitalist economies in the Great Depression were root causes of worldwide social and political disasters. The crisis triggered a fertile period of scientific ferment and revolution in economic theory.

“Markowitz's main interest is prescription of rules of rational behaviour for investors;”

Tobin, James. " Liquidity preference as behavior towards risk http://web.uconn.edu/ahking/Tobin58.pdf." The review of economic studies (1958): 65-86.
1950s-60s
Contexto: A forthcoming book by Harry Markowitz, Techniques of Portfolio Selection, will treat the general problem of finding dominant sets and computing the corresponding opportunity locus, for sets of securities all of which involve risk. Markowitz's main interest is prescription of rules of rational behaviour for investors; the main concern of this paper is the implications for economic theory, mainly comparative statics, that can be derived from assuming that investors do in fact follow such rules.

“Keynesian economics was, in the context of those times, essentially conservative.”

James Tobin, "A Revolution Remembered", Challenge (1988).
1970s and later
Contexto: Keynesian economics was, in the context of those times, essentially conservative. The message was that capitalism was not doomed; its major failing, chronic large-scale unemployment, could be remedied fairly easily, by intelligent use of the fiscal and monetary instruments governments already had at their disposal. This message was not welcome news to Marxists committed to the view that the system was no longer structurally capable of prosperity and progress.

“The rate of investment – the speed at which investors wish to increase the capital stock – should be related, if to anything, to q, the value of capital relative to its replacement cost.”

Fuente: "A general equilibrium approach to monetary theory" (1969), p. 21 as cited in: Sılvio Rendon, "Non-Tobin’s q in Tests for Financial Constraints," 2009

“There is no reason to think that the impact [of monetary policy] will be captured in any single [variable]…, whether it is a monetary stock or a market interest rate.”

Fuente: "A general equilibrium approach to monetary theory" (1969), p. 29 as cited in: Andrés, Javier, J. David López-Salido, and Edward Nelson. " Tobin's imperfect asset substitution in optimizing general equilibrium http://research.stlouisfed.org/wp/2004/2004-003.pdf." Journal of Money, Credit and Banking (2004): 665-690.

“According to [the general equilibrium approach to monetary theory], the principal way in which financial policies and events affect aggregate demand is by changing the valuations of physical assets relative to their replacement costs.”

Fuente: "A general equilibrium approach to monetary theory" (1969), p. 29 As cited in: William Pool. Brookings Papers on Economic Activity, 2, (1976), p. 292

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