Banking - Yojana

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A TRIBUTE
Architect of Modern MacroecononIics
A Ramalingam
Tobin explores the new idea of the "negative income tax ",which
actualZv has the government payout money to the poor, rather
than collect it from them. The proposal is that the government
pay any family which falls below a certain income a fraction
of the short fall. The payment would be a'matter of right, like
an income tax refund. The new system, would enable people to
retain their self-respect and initiative that would help to break
the vicious cirCle.
JAMES TOBIN, a promoter of
. Keynes and an architect of
modern macroeconomics,
died on March 11, 2002. Now that
James Tobin is gone, it is the end
of not just a chapter, but an epoch.
James Tobin (1918-2002), the
Nobel laureate in Economic
Sc;ience in 1981, is widely
recognised as one of the main
architects of "pillars and arches" of
twentieth-century macroeconomices.
During his lengthy
career commitment to Yale
University, as a leading
.ma~roeconomist, he made
;pioneering and lasting
contributions to portfolio
4tma~agement theory, ,theory of the
consumption function, monetary
growth theory" neo-classical neo
Keynesian synthesis, measure of
"net econ