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The structural approach to economics developed by [[Wassily Leontief]] and known as input-output analysis, paved the way for the transformation of economics into a truly empirical discipline that could utilise modern data processing technology. The input-output approach is described not only as a formal theory theory but also as a research strategy and a powerful tool for dealing with a complex modern economy. | The structural approach to economics developed by [[Wassily Leontief]] and known as input-output analysis, paved the way for the transformation of economics into a truly empirical discipline that could utilise modern data processing technology. The input-output approach is described not only as a formal theory theory but also as a research strategy and a powerful tool for dealing with a complex modern economy. | ||
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There is not much difference between input-output planning and [[material balance planning]] other than differences in ideology | There is not much difference between input-output planning and [[material balance planning]] other than differences in ideology | ||
[[Category:Economic planning]] | |||
Latest revision as of 15:13, 31 August 2022
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The structural approach to economics developed by Wassily Leontief and known as input-output analysis, paved the way for the transformation of economics into a truly empirical discipline that could utilise modern data processing technology. The input-output approach is described not only as a formal theory theory but also as a research strategy and a powerful tool for dealing with a complex modern economy.
A form of planning which consists of a matrix of rows and columns designated for each industry, in which each sector is given input values i.e amount of steel for transport, construction etc which is ran through mathematical operations in it's process to determine the output.
There is not much difference between input-output planning and material balance planning other than differences in ideology