As an unrepentant Keynesian, Tobin is critical of Reaganomics and supportive of active government intervention in the Essays in Economics : Consumption and econometrics. Volume 2. James Tobin. Phillips Curve Algebra. The WagePrice Mechanism. Inflation and Unemployment.
Post a Comment. James Tobin's Fred Hirsch Memorial Lecture "On the Efficiency of the Financial System" was originally published in a issue of the Lloyds Bank Review , and republished three years later in a collection of his writings. Willem Buiter discussed the essay at some length about a year ago in a provocative post dealing with the regulation of derivatives. Both the original essay and Buiter's discussion of it remain well worth reading today as guides to the broad principles that ought to underlie financial market reform. In his essay, Tobin considers four distinct conceptions of financial market efficiency:.
James Tobin March 5, — March 11, was an American economist. Tobin advocated and developed the ideas of Keynesian economics. He believed that governments should intervene in the economy in order to stabilize output and avoid recessions. His academic work included pioneering contributions to the study of investment, monetary and fiscal policy and financial markets.
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