James Tobin > Quotes

“A long decade ago economic growth was the reigning fashion of political economy. It was simultaneously the hottest subject of economic theory and research, a slogan eagerly claimed by politicians of all stripes, and a serious objective of the policies of governments. The climate of opinion has changed dramatically. Disillusioned critics indict both economic science and economic policy for blind obeisance to aggregate material "progress," and for neglect of its costly side effects. Growth, it is charged, distorts national priorities, worsens the distribution of income, and irreparably damages the environment. Paul Erlich speaks for a multitude when he says, "We must acquire a life style which has as its goal maximum freedom and happiness for the individual, not a maximum Gross National Product." [in Nordhaus, William D. and James Tobin., "Is growth obsolete?" Economic Research: Retrospect and Prospect Vol 5: Economic Growth. Nber, 1972. 1-80]”
― James Tobin, Economic Research: Retrospect and Prospect : Economic Growth

“Eleanor Roosevelt and others said polio changed Roosevelt, that it made him more compassionate. That may be so. But the first impact of the disease was to call forth elements of his nature that no one had seen before - elements that even he may not have known he possessed. His decision to defy polio was a critical moment in his life - perhaps the critical moment.”
― James Tobin, The Man He Became: How FDR Defied Polio to Win the Presidency: Library Edition