James Tobin

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James Tobin

A 20th-century American economist. A Keynesian, he promoted government intervention in economies to prevent or end recessions. He also suggested that a fairly priced company ought to have a price equal to its total asset value, which formed the basis of the Q ratio, which is used to value companies. Tobin served on the Federal Reserve Board of Governors and Council of Economic Advisors. He received the Nobel Prize for Economics in 1981. He lived from 1918 to 2002.