James Tobin citáty

James Tobin byl americký ekonom, nositel Nobelovy ceny za ekonomii z roku 1981. Byl zastánce keynesovského přístupu k ekonomii a hájil vládní zásahy pro stabilizaci ekonomiky. Jeho akademická práce zahrnovala průkopnické příspěvky ke studiu investic, peněžní a fiskální politiky a finančních trhů. Navrhl také ekonometrický model Tobit. Wikipedia  

✵ 5. březen 1918 – 11. březen 2002
James Tobin foto
James Tobin: 23   citátů 0   lajků

James Tobin citáty a výroky

„Nešťastné selhání kapitalistických ekonomik při Velké hospodářské krizi bylo příčinou celosvětových společenských a politických katastrof.“

Zdroj: [James Tobin, oecdobserver.org, 2002, 2018-06-21, http://oecdobserver.org/news/archivestory.php/aid/700/James_Tobin.html]

James Tobin: Citáty anglicky

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

"James Tobin - Biographical" (1981)
Kontext: 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
Kontext: 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
Kontext: 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.”

Zdroj: "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.”

Zdroj: "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.”

Zdroj: "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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