JAMES TOBIN - AUTOGRAPHED INSCRIBED PHOTOGRAPH 02/24/1991 - HFSID 201345

JAMES TOBIN

The Nobel Prize-Winner and economic advisor of US President John F Kennedy is shown smiling and gazing into the camera in this 3½x4¼ color Polaroid photograph, signed in black ink

Inscribed Photograph Signed: “For Alana Sussman/Best wishes,/James Tobin 2-24-91” in black ink. 3½x4¼. Color. James Tobin (1918-2002) was an American economistwhose alma mater was Harvard University. During 1961 and 1962 he served as a member of President John F. Kennedy's Council of Economic Advisors, under the chairman Walter Heller, then worked as a consultant between1962-1968. In close collaboration with Arthur Okun, Robert Solow and Kenneth Arrow he helped design the Keynesian economic policy implemented by the Kennedy administration. James Tobin also served for several terms as a member of the Board of Governors of Federal Reserve System Academic Consultants and as a consultant of the US Treasury Department. He was a professor at Harvard and Yale Universities who not only developed the ideas of Keynesian economics but also advocated government intervention to stabilize output and avoid recessions.His academic work included pioneering contributions to study of investment, monetary and fiscal policy and financial markets.Tobin also proposed an econometric model for censored endogenous variables that is well-known as “Tobit model”. James Tobin received the Noble Memorial Prize in Economic Sciences in 1981. He was widely known for his idea of a tax on foreign exchange transactions, now known as the “Tobin tax”; it was designed to reduce speculation in the international currency markets, which he considered dangerous and unproductive. Mounting residue on verso with pen notations (unknown hand). Otherwise, fine condition.