James Tobin Won 1981 Nobel Prize for Analyzing Economic Impact of Financial Markets

James Tobin, a member of the NBER Board of Directors, won the Nobel Memorial Prize in Economic Sciences in 1981 "for his analysis of financial markets and their relations to expenditure decisions, employment, production, and prices."

The Royal Swedish Academy of Sciences found that Tobin had “made substantial contributions in such widely differing areas as econometric methods and strictly formalized game theory, the theory of household and firm behavior, general macro theory and applied analysis of economic policy. His most outstanding and significant research contribution belongs to the theory of financial markets and their relation to consumption and investment decisions, production, employment and prices.”

At the time of the award, Tobin was the Sterling Professor of Economics at Yale University.

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