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'''Wassily Wassilyevich Leontief''' (Russian: Васи́лий Васи́льевич Лео́нтьев; August 5, 1905 – February 5, 1999), was a Soviet-American economist known for his research on input–output analysis and how changes in one economic sector may affect other sectors. | |||
Leontief won the Nobel Memorial Prize in Economic Sciences in 1973, and four of his doctoral students have also been awarded the prize (Paul Samuelson 1970, Robert Solow 1987, Vernon L. Smith 2002, Thomas Schelling 2005). | |||
[[File:Wassily Leontief.jpg|thumb|256x256px]] | |||
== Major contributions == | == Major contributions == | ||
Leontief is credited with developing early contributions to input–output analysis and earned the Nobel Prize in Economics for his development of its associated theory. He has also made contributions in other areas of economics, such as international trade where he documented the Leontief paradox. He was also one of the first to establish the composite commodity theorem. | Leontief is credited with developing early contributions to [[input–output analysis]] and earned the Nobel Prize in Economics for his development of its associated theory. He has also made contributions in other areas of economics, such as international trade where he documented the Leontief paradox. He was also one of the first to establish the composite commodity theorem. | ||
Leontief earned the Nobel Prize in economics for his work on input–output tables. Input–output tables analyze the process by which inputs from one industry produce outputs for consumption or for inputs for another industry. With the input–output table, one can estimate the change in demand for inputs resulting from a change in production of the final good. The analysis assumes that input proportions are fixed; thus the use of input–output analysis is limited to rough approximations rather than prediction. Input–output was novel and inspired large-scale empirical work; in 2010 its iterative method was recognized as an early intellectual precursor to Google's PageRank. | Leontief earned the Nobel Prize in economics for his work on input–output tables. Input–output tables analyze the process by which inputs from one industry produce outputs for consumption or for inputs for another industry. With the input–output table, one can estimate the change in demand for inputs resulting from a change in production of the final good. The analysis assumes that input proportions are fixed; thus the use of input–output analysis is limited to rough approximations rather than prediction. Input–output was novel and inspired large-scale empirical work; in 2010 its iterative method was recognized as an early intellectual precursor to Google's PageRank. |