Work
Tinbergen became known for his 'Tinbergen Norm', which is the principle that, if the difference between the least and greatest income in a company exceeds a rate of 1:5, that will not help the company and may be counterproductive.
Tinbergen developed the first national comprehensive macroeconomic model, which he first developed in 1936 for the Netherlands, and later applied to the United States and the United Kingdom.
In his work on macroeconomic modelling and economic policy making, Tinbergen classified some economic quantities as targets and others as instruments. Targets are those macroeconomic variables the policy maker wishes to influence, whereas instruments are the variables that the policy maker can control directly. Tinbergen emphasized that achieving the desired values of a certain number of targets requires the policy maker to control an equal number of instruments.
Tinbergen's classification remains influential today, underlying the theory of monetary policy used by central banks. Many central banks today regard the inflation rate as their target; the policy instrument they use to control inflation is the short-term interest rate.
Tinbergen's work on macroeconomic models was later continued by Lawrence Klein, contributing to another Nobel Memorial Prize in Economic Sciences. For his cultural contributions, he was given the Gouden Ganzenveer in 1985.
Tinbergen’s econometric modelling lead to a lively debate with well several known participants including J.M. Keynes, Ragnar Frisch and Milton Friedman. The debate is sometime referred to as the Tinbergen debate.
Read more about this topic: Jan Tinbergen
Famous quotes containing the word work:
“The best thing about Sassy Seats is that grandmothers cannot figure out how they work and are in constant fear of the child’s falling. This often makes them forget to comment on other aspects of the child’s development, like why he is not yet talking or is still wearing diapers. Some grandmothers will spend an entire meal peering beneath the table and saying, “Is that thing steady?” rather than, “Have you had a doctor look at that left hand?””
—Anna Quindlen (20th century)
“The critic lives at second hand. He writes about. The poem, the novel, or the play must be given to him; criticism exists by the grace of other men’s genius. By virtue of style, criticism can itself become literature. But usually this occurs only when the writer is acting as critic of his own work or as outrider to his own poetics, when the criticism of Coleridge is work in progress or that of T.S. Eliot propaganda.”
—George Steiner (b. 1929)
“It is not true that there is dignity in all work. Some jobs are definitely better than others.... People who have good jobs are happy, rich, and well dressed. People who have bad jobs are unhappy, poor and use meat extenders. Those who seek dignity in the type of work that compels them to help hamburgers are certain to be disappointed.”
—Fran Lebowitz (b. 1950)