James Tobin, Keynesian economist of first rank

OBITUARY - James Tobin, the most influential Keynesian theorist of his generation, who became famous for his proposed tax on currency trading, has died aged 84.

This obituary was published in Wednesday's London edition Financial Times.

The "Tobin tax" - a levy on foreign exchange transactions intended to restrict market fluctuations - is a live political issue today.

But economists will remember Professor Tobin better for his ground-breaking work on the theory of portfolio decisions, which won h