“The miserable failures of capitalist economies in the Great Depression were root causes of worldwide social and political disasters.”

— James Tobin

"James Tobin - Biographical" (1981)
Context: For me, growing up in the 1930s, the two motivations powerfully reinforced each other. The miserable failures of capitalist economies in the Great Depression were root causes of worldwide social and political disasters. The crisis triggered a fertile period of scientific ferment and revolution in economic theory.

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James Tobin 22

American economist 1918–2002

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