By Martin Hahn May 21, 2018
Jan Tinbergen, (born April twelve, 1903, The Hague, Netherlands. – died June nine, 1994, Netherlands), Dutch economist observed for the development of his of econometric models. He was the co-winner (with Ragnar Frisch) of the very first Nobel Prize for Economics, in 1969.
Tinbergen was the brother of the zoologist Nikolaas Tinbergen and was knowledgeable at the Faculty of Leiden. He served as a business cycle statistician with the Dutch government’s Central Bureau of Statistics (1929-36, 1938-45) before turning the director of the Central Planning Bureau (1945-55). From 1933 to 1973 he had also been a professor of economics at the Netherlands School of Economics (now part of Erasmus Faculty), Rotterdam, and he subsequently taught for 2 years at the Faculty of Leiden before retiring in 1975.
While acting as an economic adviser to the League of Nations at Geneva (1936-38), Tinbergen analyzed economic development in the United States from 1919 to 1932. This pioneering econometric analysis offered a foundation for his business cycle principle as well as guidelines for economic stabilization. Also, he built an econometric model which helped shape both short term and broader political economic planning in the Netherlands.
Due to the political dynamics of his economic analyses, Tinbergen was one of the first persons to show that a government with a number of policy goals, such as total employment as well as price stability, should be in a position to bring on multiple economic policy equipment – say, fiscal policy and monetary policy – to get the desired success. Among the major works of his are actually Statistical Testing of Business Cycles (1938), Econometrics (1942), Economic Policy (1956), and Income Distribution (1975).
In 1969, Dutch economist Jan Tinbergen and Norwegian economist Ragnar Frisch discussed the initial Nobel Prize in economics “for having designed and applied dynamic types for the evaluation of economic processes.” Tinbergen, whom held a Ph.D. in physics, had become keen on economics while focusing on the dissertation of his, “Minimum Problems in Economics” and Physics (1929). He started applying mathematical resources to economics, and they at the moment was a non-mathematical and verbal discipline. In 1929 he joined the Dutch Central Bureau of Statistics to do research on business cycles. He stayed there until 1945, going for a leave of absence from 1936 to 1938 to work for the League of Nations in Geneva.
Along with Frisch as well as others, Tinbergen created the area of econometrics, the usage of statistical resources to evaluate economic hypotheses. Tinbergen was one of the very first economists to produce multi-equation versions of economies. He created a twenty-seven-equation econometric type of the Dutch economic climate, and his 1939 publication, Business Cycles in the United States, (1919-1932), contains a forty-eight-equation type of the American economy which describes investment activity as well as models American business cycles.
Another of Tinbergen’s main contributions was showing that a government with a number of economic targets – for both the unemployment rate as well as the inflation rate, for instance – should have a minimum of as many policy instruments, like monetary policy and taxes.
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