Keynesian Yalie

Honoring a U.S. economist

James Tobin, 63, likes to joke about himself as "a discredited Keynesian," in reference to his economics hero, John Maynard Keynes. Last week the mild-mannered Yale economics professor got the last laugh. In Stockholm, the Royal Swedish Academy of Sciences announced that it was awarding him the 1981 Nobel Prize in Economics. Tobin thus becomes the tenth U.S. citizen to receive the prize since it was first awarded in 1969.*

Selection committee officials made plain that the Nobel deliberations took no notice of recent attacks on Reaganomics by Tobin, a longtime opponent of the monetarist school of Milton...

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