Tobin's early research provided a theoretical basis for Keynes's overall economic theory. His Chinese version of Policies Towards Prosperity-Essays on Keynesianism contains 43 policy papers written by Mr. Tobin 12, which embodies his economic theory and policy proposition.
Whether in academic research or other fields, naming nouns after people's names is great. There are four personal capital named after it: Tobin's Q value, Tobin tax, Mundell-Tobin effect and Tobin analysis. This is not only a miracle in economics, but also rare in other fields. Tobin's early research provided a theoretical basis for Keynes's overall economic theory. His Chinese version of Policies Towards Prosperity-Essays on Keynesianism contains 43 policy papers written by Mr. Tobin 12, which embodies his economic theory and policy proposition.
Since the late 1950s, Tobin has written a series of articles on current economic issues, which have been compiled into a book called National Economic Policy and published in 1966. Tobin's research scope is very extensive, involving all fields of economics. Achievements have been made in econometric methods, risk theory, family and manufacturer behavior theory, general macroeconomic theory, growth theory and practical analysis of demand management policies. His most outstanding research contribution is the theory of asset selection in financial market theory and its relationship with consumption and investment decision-making, production, employment and price, that is, the analysis of transmission mechanism. The former was put forward by him in his article Liquidity Preference as an Action to Deal with Risks published in 1958, and the latter was the Decision of Holding and Spending Assets published in 1952, The Trap of Building a Financial Model published in 1968 and Money published in 1969. These are also the most important works that he won the Nobel Prize in Economics. Since 1970s, Tobin's important works and papers include: Essays on Economics, Macroeconomics (197 1 year), New Economics in the Past Ten Years (1972), and Is Growth Out of Date (1972).