James Tobin

Neo-Keynesian economics
Born	(1918-03-05)March 5, 1918 Champaign, Illinois, USA
Died	March 11, 2002(2002-03-11) (aged 84) New Haven, Connecticut, USA
Nationality	United States
Institution	Yale University Cowles Commission
Field	Macroeconomics
Alma mater	Harvard University
Influences	Keynes · Schumpeter · Hansen · Haberler · Slichter · Harris · Mason · Chamberlin · Leontief
Influenced	Samuelson · Metzler · Galbraith · Bergson · Musgrave · Goodwin · Krugman
Contributions	Portfolio theory Keynesian economics Tobin's q Tobit model
Awards	John Bates Clark Medal (1955) Nobel Prize in Economics (1981)
Information at IDEAS/RePEc

James Tobin (March 5, 1918 – March 11, 2002) was an American economist who, in his lifetime, served on the Council of Economic Advisors and the Board of Governors of the Federal Reserve System, and taught at Harvard and Yale Universities. He developed the ideas of Keynesian economics, and advocated government intervention to stabilize output and avoid recessions. His academic work included pioneering contributions to the study of investment, monetary and fiscal policy and financial markets. He also proposed an econometric model for censored endogenous variables, the well known "Tobit model". Tobin received the Nobel Memorial Prize in Economic Sciences in 1981.

Outside of academia, Tobin was widely known for his suggestion of a tax on foreign exchange transactions, now known as the "Tobin tax". This was designed to reduce speculation in the international currency markets, which he saw as dangerous and unproductive.

Biography[link]

Early life[link]

James Tobin^[1] was born on March 5, 1918 in Champaign, Illinois. His father was Louis Michael Tobin, (b.1899) a journalist working at the University of Illinois at Urbana-Champaign. His father had fought in World War I, was a member of the first Greek Organization at Illinois (Delta Tau Delta fraternity Beta Upsilon chapter), and was credited as the inventor of 'Homecoming'. His mother, Margaret Edgerton Tobin (b.1893), was a social worker. Tobin followed primary school at the University Laboratory High School of Urbana, Illinois, a laboratory school in the university's campus.

In 1935, on his father's advice, Tobin took the entrance exams for Harvard University. Despite no special preparation for the exams, he passed and was admitted with a national scholarship from the university. Here he among the faculty he would meet Joseph Schumpeter, Alvin Hansen, Gottfried Haberler, Sumner Slichter, Seymour Harris, Edward Mason^{[disambiguation needed ]}, Edward Chamberlin, John Kenneth Galbraith and Wassily Leontief. During his studies he first read Keynes' General Theory of Employment, Interest and Money, published in 1936. Tobin graduated summa cum laude in 1939 with a thesis centered on a critical analysis of Keynes' mechanism for introducing equilibrium "involuntary" unemployment. His first published article, in 1941, was based on this senior's thesis.^[2]

Tobin immediately started graduate studies, also at Harvard, earning his M.A. degree in 1940. His fellow graduate students included Paul Samuelson, Lloyd Metzler, Abram Bergson, Richard Musgrave and Richard M. Goodwin. In 1941, he interrupted graduate studies to work for the Office of Price Administration and Civilian Supply and the War Production Board in Washington, D.C.. The next year, after the United States entered World War II, he enrolled in the US Navy, spending the war as an officer on a destroyer. At the end of the war he returned to Harvard and resumed studies, receiving his Ph.D. in 1947 with a thesis on the consumption function written under the supervision of Joseph Schumpeter.^[3] In 1947 Tobin was elected a Junior Fellow of Harvard's Society of Fellows, which allowed him the freedom and funding to spend the next three years studying and doing research.

Academic activity and consultancy[link]

In 1950 Tobin moved to Yale University, where he remained for the rest of his career. He joined the Cowles Foundation, which moved to Yale in 1955, also serving as its president between 1955–1961 and 1964-1965. His main research interest was to provide microfoundations to Keynesian economics, with a special focus on monetary economics. In 1957 he was appointed Sterling Professor at Yale.

Besides teaching and research, Tobin was also strongly involved in the public life, writing on current economic issues and serving as an economic expert and policy consultant. During 1961-62, he served as a member of John F. Kennedy's Council of Economic Advisors, under the chairman Walter Heller, then acted as a consultant between 1962-68. Here, in close collaboration with Arthur Okun, Robert Solow and Kenneth Arrow, he helped design the Keynesian economic policy implemented by the Kennedy administration. Tobin also served for several terms as a member of the Board of Governors of Federal Reserve System Academic Consultants and as a consultant of the US Treasury Department.^[4]

Tobin was awarded the John Bates Clark Medal in 1955 and, in 1981, the Nobel Memorial Prize in Economics. He was a fellow of several professional associations, holding the position of president of the American Economic Association in 1971.

In 1972 Tobin, along with fellow Yale economics professor William Nordhaus, published Is Growth Obsolete?,^[5] an article that introduced the Measure of Economic Welfare as the first model for economic sustainability assessment, and economic sustainability measurement.

In 1988 Tobin formally retired from Yale, but continued to deliver some lectures as Professor Emeritus and continued to write. He died on March 11, 2002, in New Haven, Connecticut.

Tobin was a trustee of Economists for Peace and Security.^[6]

Personal life[link]

James Tobin married Elizabeth Fay Ringo, a former M.I.T. student of Paul Samuelson, on September 14, 1946. They had four children: Margaret Ringo (born in 1948), Louis Michael (born in 1951), Hugh Ringo (born in 1953) and Roger Gill (born in 1956). In late June, 2009, the family announced via a private email that Tobin's wife had died at the age of 90.

Legacy[link]

In August 2009 in a roundtable interview in Prospect magazine, Adair Turner supported the idea of new global taxes on financial transactions, warning that the “swollen” financial sector paying excessive salaries had grown too big for society. Lord Turner’s suggestion that a “Tobin tax” – named after James Tobin – should be considered for financial transactions made headlines around the world.

Tobin's Tobit model of regression with censored endogenous variables (Tobin 1958a) is a standard econometric technique. His "q" theory of investment (Tobin 1969), the Baumol-Tobin model of the transactions demand for money (Tobin 1956), and his model of liquidity preference as behavior toward risk (the asset demand for money) (Tobin 1958b) are all staples of economics textbooks.

Publications[link]

• Tobin, James (1941). "A note on the money wage problem". Quarterly Journal of Economics 55 (3): 508–516. DOI:10.2307/1885642. JSTOR 1885642. 
• Tobin, James (1955). "A Dynamic Aggregative Model". Journal of Political Economy 63.2 (2): 103–15. DOI:10.1086/257652. 
• Tobin, James (1956). "The Interest-Elasticity of Transactions Demand for Cash," Review of Economics and Statistics, 38(3), pp 241-247.
• Tobin, James (1958a). "Estimation of relationships for limited dependent variables". Econometrica (The Econometric Society) 26 (1): 24–36. DOI:10.2307/1907382. JSTOR 1907382 
• Tobin, James (1958b). "Liquidity Preference as Behavior Towards Risk". Review of Economic Studies 25.1: 65–86. 
• Tobin, James (1961). "Money, Capital, and Other Stores of Value," American Economic Review, 51(2), pp. 26-37. Reprinted in Tobin, 1987, Essays in Economics, v. 1, pp. 217-27. MIT Press.
• Tobin, James (1969). "A General Equilibrium Approach to Monetary Theory". Journal of Money, Credit, and Banking 1.1 (1): 15–29. 
• Tobin, James (1970). "Money and Income: Post Hoc Ergo Propter Hoc?" Quarterly Journal of Economics, 84(2), pp. 301-317.
• Tobin, James and William C. Brainard (1977). "Asset Markets and the Cost of Capital". In Richard Nelson and Bela Balassa, eds., Economic Progress: Private Values and Public Policy (Essays in Honor of William Fellner), Amsterdam: North-Holland, 235-62.
• Tobin, James (1992). “money,” The New Palgrave Dictionary of Finance and Money, v. 2, pp. 770–79 & in The New Palgrave Dictionary of Economics. 2008, 2nd Edition. Table of Contents and Abstract. Reprinted in Tobin (1996), Essays in Economics, v. 4, pp. 139-63. MIT Press.
• Tobin, James, Essays in Economics, MIT Press:
  v. 1 (1987), Macroeconomics. Scroll to chapter-preview links.
  v. 2 Consumption and Economics. Description.
  v. 3 (1987). Theory and Policy (in 1989 paperback as Policies for Prosperity: Essays in a Keynesian Mode). Description and links.
  v. 4 (1996). National and International. Links.
• Tobin, James, with Stephen S. Golub (1998). Money, Credit, and Capital. Irwin/McGraw-Hill. TOC.

See also[link]

• Basic income
• Guaranteed minimum income
• Q Ratio (Tobin's Q ratio)
• Tobit model (Tobin's model for censored endogenous variables)
• Tobin tax

References[link]

External links[link]

• James Tobin at the Nobel Foundation e-Museum
• James Tobin at the Cowles Foundation site
• James Tobin at the HET site
• Short biography at nobel-winners.com
• IDEAS/RePEc
• John Mihaljevic's Equities and Tobin's Q Report
• The Q Ratio Sends a Modestly Bearish Long-Term Signal (July 2009)
• Tobin's Q Moderately Bullish on U.S. Equities (as of March 2009)
• The Manual of Ideas Launches Tobin's Q Research Service Based on James Tobin's Q Indicator
• Robert Huebscher on "The Market Valuation Q-uestion"

Larry Emdur
Birth name	Larry Emdur
Born	(1964-12-09) 9 December 1964 (age 47) Melbourne, Victoria, Australia
Show	The Morning Show
Station(s)	Sydney
Network	Seven Network
Time slot	9am - 11.30am
Show	The Price Is Right
Station(s)	Sydney
Network	Seven Network
Time slot	5pm - 5.30pm
Country	Australia
Previous show(s)	Celebrity Dog School, Cash Bonanza, Wheel of Fortune, Good Morning Australia and Weekend Sunrise
Spouse(s)	Sylvie Emdur
Children	Jye and Tia

Larry Emdur (born 9 December 1964) is an Australian television personality.

Emdur is currently co-host of The Morning Show alongside Kylie Gillies. He also hosts a reboot of The Price Is Right, which premiered on the Seven Network on 7 May 2012. He also formerly hosted the show on the Nine Network.

He is perhaps best known to Australian audiences for his hosting duties on several game shows, including Cash Bonanza (Nine Network), The Price Is Right (Currently Seven Network and formerly Nine Network) and Wheel of Fortune (Seven Network).

Emdur hosted Hey Hey it's Saturday twice in 1998, and substituted as host of It Takes Two once in 2006 and again in 2007. He has also hosted Celebrity Dog School on Network Ten.

Childhood and early career[link]

Emdur was born in Melbourne. Growing up near the beach at Bondi NSW, he developed a keen interest in surfing from an early age. He dropped out of school at age 15. It is believed that he is of Maltese descent. Emdur began his career as a copyboy at The Sydney Morning Herald, before moving into television, where at age 17 he became Australia’s youngest national newsreader, presenting the overnight news for Seven Network in Australia. After some time in news and current affairs as a reporter and newsreader, and presenter on Good Morning Australia, Emdur switched to hosting game shows and variety television.

TV career[link]

Emdur is perhaps best known as the host of The Price Is Right on the Nine Network, which he hosted for from 1993 to 1998, before its cancellation. It was then revived on 23 June 2003 and ran until 24 November 2005 due to poor ratings and high costs of production. To commemorate the United States version's 40th season in 2011-12, on a July 2011 trip to the United States, Emdur called down a contestant and served as a guest host for Cliff Hangers, under recommendation of host Drew Carey. Emdur also modeled a trip to Australia in one of the two Showcases that are presented on the United States version. Emdur will be one of numerous hosts who have hosted the format to appear as part of the 40th anniversary celebration.^[1] Emdur filled in twice for Daryl Somers on the popular family show Hey Hey It's Saturday. After being "rested" by the Nine Network following the cancellation of The Price Is Right, Emdur became host of the Seven Network's Wheel of Fortune. His contract with Seven was signed mere hours after his deal with the Nine Network expired. While in the first few weeks of his run with Seven's Wheel in the 5:00 pm weekday timeslot, Emdur continued to appear simultaneously on Nine in re-runs of The Price Is Right, until Bert's Family Feud took over the 5:30 pm timeslot on Nine in mid-February 2006. On 19 June 2006 news emerged of Wheel of Fortune's cancellation at the end of the 2006 season. Channel 10's Rove Live then started a campaign to "Save Larry Emdur", although Seven soon put an end to Rove's jokes by issuing a statement that Emdur would be staying with the Seven Network. Emdur has also been a fill-in host for It Takes Two and has filled in for Andrew O'Keefe on Weekend Sunrise and David Koch on Sunrise. Although there was talk of Emdur being in line to host a new game show, Seven's reluctance to risk another game show failure (such as The Master and You May Be Right) has led to Emdur contemplating his career options. In an article with The Border Mail dated 7 October 2006, Emdur stated:

“I have done all the stuff I have really wanted to do and there is nothing jumping out at me in the TV world. I am going to France (to the MIPCOM television festival) to have a look around at the upcoming trends and what’s going on around the rest of the world. I will see how I can contribute to that, whether it be in Australia or not.”

Emdur's latest ambition is to create his own production company.^{[citation needed]} Emdur signed up with Network Ten in 2007. He had joined up to host a new show Celebrity Dog School, which began airing in February. In March, the program came close to cancellation, after disappointing first fortnight ratings; however, it was instead moved to a different timeslot (it was originally 6:30 pm Sundays, but moved to 6:30 pm Saturdays). Emdur is currently co-hosting The Morning Show with Kylie Gillies, a top rating morning talk show airing on the Seven Network. The show began in mid-2007. Emdur was invited to participate in the 2009 Sydney to Hobart by finance commentator Anthony Bell. Upon reaching Hobart, Emdur said on The Morning Show that he may never set foot on a boat again.^[2] However, in 2010 Emdur signed on to participate in the Sydney to Hobart again. His crew on the yacht 'Investec LOYAL' finished second. On 4 February 2011 Emdur renewed his contract with the Seven Network, reportedly worth in excess of $800,000 a year. This contract stopped him from defecting to the Nine Network to co-host Today. The contract allows him to stay on as co-host of The Morning Show and 'other opportunities'.^[3] In February 2010, Seven announced that Emdur would co-host Weekend Sunrise on Saturday mornings alongside Samantha Armytage he held this position until the end of 2010. Now Andrew O'Keefe presents both Saturday and Sunday. Emdur is also currently a regular fill in co-host for David Koch on Sunrise and Andrew O'Keefe on Weekend Sunrise if they are away on holidays, sick or on assignment.

Larry vs Rove[link]

In June 2006, an on-air "feud" of sorts developed between Emdur and TV talk show host Rove McManus. This started when Rove received an e-mail from a Wheel of Fortune audience member, who informed Rove that he was the butt of many jokes made by Emdur during breaks at Wheel tapings. Emdur has frequently been teased about his height, and in response, would make comments to the studio audience such as:

"Rove McManus picked a fight with me at the Logies. He came up to me, looked me right in the eye, and all the while, he was sitting on Anthony Callea's shoulders."

McManus confronted Emdur about his remarks when he was invited as a guest on Rove Live's "HelpDesk" segment. Emdur admitted to the jibes, but stated it was all in good fun, and offered an apology. McManus then challenged Emdur to a sumo fight backstage, where both men donned sumo suits, competing in what was billed as the "Smackdown Wheel of Destiny". The fight lasted 8 seconds, after Emdur managed to take down McManus to be declared the winner.

References[link]

External links[link]

• Larry Emdur at the Internet Movie Database

Warwick Capper (born 12 June 1963) is a retired high profile professional Australian rules football full-forward who played with the Sydney Swans with a short stint at the Brisbane Bears in the VFL (now AFL).

Capper kicked 388 goals in 124 games from 1983–1991,^[1] his best season being 1987 when he kicked 103 goals. He was known for his ability to take high flying marks and he won the Mark of the Year at the peak of his career in 1987.

For a long time Capper was one of the few well-known Australian Rules players in Brisbane and Sydney and is known for his flamboyant on and off field personality.

Early life[link]

Warwick Capper was born in Victoria.

He began playing football for the Oakleigh Dragons Football Club, winning the under-11 best and fairest in 1974, playing in the same team as David Rhys Jones.^[2]

It was not long before Capper began to attract the attention of talent scouts, and he was recruited by the Sydney Swans during the club's first years in Sydney.

Football career[link]

Capper was noted for his marking ability rather than his kicking accuracy. With several spectacular high marks in his career, he was nominated for Mark of the Year on several occasions and won in 1987, with a mark that is captured in Jamie Cooper's painting the Game That Made Australia, commissioned by the AFL in 2008 to celebrate the 150th anniversary of the sport.^[3]

Although Capper was more famous for his marking, in 1987 he managed 103 goals at an average of 4.48 per game. He finished runner up in the Coleman Medal in both 1986 (to Brian Taylor) and 1987 (to Tony Lockett).

He was also well known for his looks^{[citation needed]}, his long blonde locks of hair, deeply tanned skin and was famous for his white boots and extremely tight shorts. This formed part of the flamboyant image of the Swans club during the years in which it was owned by Geoffrey Edelsten.

When Capper moved to the Brisbane Bears at the end of the 1987 season with a $350,000 three year contract, he became the highest paid player in the VFL. Capper did not do well in Queensland and returned to Sydney after having kicked only 71 goals in 34 games.

At the end of his VFL career, he returned to Queensland in 1992 to play semi-professionally with the Southport Sharks.

Off-field notoriety[link]

In 1985 Capper released a single "I Only Take What's Mine",^[4] referred to as "wonderfully woeful".^[5] In 1986 made a guest appearance on Australian soap opera Neighbours^[6] and has also starred in a pornographic movie.^[7]

Since retiring from football, Capper has juggled media appearances and various jobs including council roadworker. In 1993, Capper posed in an explicit pictorial with his then-wife, Joanne Capper, for the August issue of Australian Penthouse magazine. He also announced that he was to become a male stripper.^[8]

He has had continued participation in football only through charity AFL Legends Match. In 2002, he had a brief stint as skills coach for former club Southport.^[9]

Capper makes regular appearances on television as a guest on shows such as The AFL Footy Show. He appeared briefly on the reality television show Celebrity Big Brother, but he was ejected from the series by the show's producer for exposing his penis to fellow housemate Kimberley Cooper during an argument.^[10]

In 2005, Capper released an autobiography called Fool Forward in which he openly admitted to using illegal drugs (amphetamines) during his VFL/AFL career.^[11] This caused controversy since such use would not be sanctioned under the current AFL anti-doping policy.

Shortly after the Sydney Swans won the 2005 AFL Grand Final, Capper again made tabloid news due to his split with long time wife Joanne.

In 2006, Capper again made the news after an incident with film director Kayran Noskca, leading to a broken nose.^[12]

In 2008, Capper again made news headlines when he had cosmetic surgery involving botox and liposuction.^[13] He also challenged former professional boxer Jeff Fenech to a fight.^[14] In 2009, he did box in a promotional charity match, losing a match against Wendell Sailor, whom Capper had previously criticised.^[15]

In late 2010 he once again put himself back in the spotlight by becoming the face of a major promotional campaign for Quickbeds.com a discount accommodation website. He appears in online and off-line promotional material and across the accommodation website promoting the website as 'cheap and easy – just like me'.^[16]

In 2011 Capper made a cameo appearance in the premiere episode of the television program The Joy of Sets,^[17] recommencing his short-lived alliance with the former hosts of Get This. Capper continued to make unlikely cameo appearances during re-enactments in subsequent episodes, dressed in nothing but gold hotpants.^[18]

He was then a participant on The Celebrity Apprentice Australia, where he was the first contestant to be fired.^[19]

2009 Queensland state election[link]

Capper intended to contest the 2009 Queensland state election in the electoral district of Beaudesert as an independent. Capper announced he would run after Pauline Hanson announced officially that she is to be a candidate in the seat.^[20] Capper's political endeavour collapsed a few days later when he was advised that he had missed the midday deadline on 3 March to register with the Electoral Commission Queensland.^[21] When asked if Capper's running in the election was a joke, his campaign manager, Mark Jackson, replied that politics was a joke.^[22]

Lads' magazine Zoo Weekly bankrolled his short-lived campaign, but denied it was responsible for not lodging his registration, blaming Capper's campaign manager.^[22]

References[link]

• Ken Piesse (1995). The Complete Guide to Australian Football. Pan Macmillan Australia. ISBN 0-330-35712-3. 
• 60 minutes interview

External links[link]

• Warwick Capper
• Warwick Capper's statistics from AFL Tables