By Erik Dietzenbacher, Michael L. Lahr
Wassily Leontief used to be the founder of input-output economics, for which he acquired the Nobel Prize in 1973. This ebook bargains a suite of papers in his reminiscence by way of his scholars and shut colleagues. the 1st half focuses upon Leontief as a person and student in addition to his own contributions to economics; the second one contains new theoretical and empirical study encouraged by way of Leontief's efforts. the gathering deals a complete pattern of the present country of interindustry economics and is probably going to entice a variety of pros.
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Additional info for Wassily Leontief and Input-Output Economics
First, Leontief believed in working with conceptual frameworks, such as the multiregional input-output (MRIO) model, that would be easy to explain to engineers and others. The IRIO model is not designed in a way that engineers can readily follow. What is the difference? To make one widget, an engineer needs to know how many pounds of steel, kilowatts of electricity, etc. are needed, which is the information present in the MRIO technical coefﬁcient matrices. The region of origin (information present in the IRIO technical coefﬁcient matrices) of each of the inputs is not of direct interest to the engineer (although it may be to the purchasing agent).
Samuelson, P. A. (1948) International trade and the equalization of factor prices, Economic Journal, 58, 163–184. Silk, L. (1976) The Economists (New York, Basic Books). Solow, R. M.
Thus, once again in this ﬁeld, Leontief and Leontief’s “magniﬁcent machine” and other contributions 25 his colleagues designed several unique ways of working with the limited data available. 9. Conclusion In this paper, I have shown how Leontief systematically made advances in theory at the same time that he was contributing to the knowledge of the working of the US and world economies. For him, economic theory and empirical research had to be closely linked, and he illustrated, time after time, why this link was so important.