James Tobin, winner of the 1981 Nobel prize for economics, has died at the age of 84, Yale University in New Haven, Connecticut said tonight.
Tobin was awarded the Nobel prize for his analysis of the relationship between financial markets and investment decisions of families and businesses.
He has served as an adviser to president John F Kennedy and later was a critic of 'Reaganomics,' the economic policies of the Ronald Reagan administration in the 1980s to sharply cut government spending.
In the 1970s, he proposed a tax on international currency transactions, which became known as the 'Tobin tax,' aimed at curbing currency speculation.
