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James Tobin and Growth Theory: Financial Factors and Long-Run Growth

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  • Robert W. Dimand
  • Steven N. Durlauf

Abstract

Although Tobin 1955 was one of the founding papers of the neoclassical one-sector growth model with smooth substitution between capital and labor, James Tobin's contributions to long-run growth theory throughout his career stood apart from other neoclassical growth models because of his emphasis on portfolio substitution between money and capital as a possible source of the non-neutrality of money even in the long run. This paper examines Tobin's contributions to growth theory over more than four decades and the relationship of his work to the evolution of modern growth economics.

Suggested Citation

  • Robert W. Dimand & Steven N. Durlauf, 2009. "James Tobin and Growth Theory: Financial Factors and Long-Run Growth," History of Political Economy, Duke University Press, vol. 41(5), pages 182-199, Supplemen.
    • Handle: RePEc:hop:hopeec:v:41:y:2009:i:5:p:182-199
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    Cited by:

    1. Robert W. Dimand, 2014. "James Tobin and Modern Monetary Theory," Center for the History of Political Economy Working Paper Series 2014-5, Center for the History of Political Economy.

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    James Tobin;

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