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Nobel Laureate in Economics, 1981 James Tobin was born in Champaign, Illinois in 1918. In 1939 he graduated summa cum laude in Economics from Harvard University, studying with economists such as Wassily Leontief and Joseph Schumpeter. In 1941 he moved to Washington, D.C. to work in a federal agency. Following his military service, he returned to Harvard, where he received his Ph.D. in 1947 and for the subsequent three years did research as a Junior Fellow of the Society of Fellows. In 1950 he joined Yale University, where he taught until 1988, occupying a variety of posts including director of the Cowles Foundation and his current position as Professor of Economics Emeritus. He interrupted his academic work only in 1961-1962 to serve as a member of President Kennedy's Council of Economic Advisors in Washington. An advocate of Keynesian economics, his professional interests include macroeconomics, econometrics, monetary theory and policy, fiscal policy and public finance, consumption and saving, unemployment and inflation. In 1981 he was awarded the Nobel Prize in Economics for his work, especially his development of a model for the way in which monetary variables are determined, demonstrating the dependence of the demand for money on the interest rate. Among the many positions he has held, Tobin has been President of the Econometric Society, the American Economic Association and the Eastern Economics Association and has been a member of the National Academy of Sciences since 1972. He has written or edited 13 books and more than 400 articles for both professional readers and the general public.

1995 Some economic consequences of the information explosion