Jim Tobin, who died on March 11, 2002 at the age of 84, was one of giants of economics of the second half of the twentieth century and the greatest macroeconomist of his generation. Tobin's influence on macroeconomic theory is so pervasive - so much part of our professional 'acquis' - that many...

Jim Tobin, who died on March 11, 2002 at the age of 84, was one of giants of economics of the second half of the twentieth century and the greatest macroeconomist of his generation. Tobin's influence on macroeconomic theory is so pervasive - so much part of our professional 'acquis' - that many...

The world has too much debt and too little equity. This circumstance cost it dearly; glaringly during the great financial crisis(GFC) between late 2007 and 2010 and the European sovereign debt and banking crises that started in 2010. Debt, characterized by fixed financial commitments, can be a...