The book focused on determinants of national income in the short run when prices are relatively inflexible. For over twenty years, he was the henry lee professor of economics at harvard university. Creator of the inputoutput technique, a method that provides. Oclcs webjunction has pulled together information and resources to assist library staff as they consider how to handle coronavirus. Economists produce their statements and forecasts from devices articulating abstract theories with mathematical models and statistical instruments of measurement. Dorfmanwassily leontiefs contribution to economics. Wassily leontief was born on august 5, 1906, in munich, germany, the son of wassily w. Let me repeat that i am really honored to receive the award for my contribution to economic reforms. Other articles where leontief paradox is discussed. Based on interviews and on her published works, we offer a short biography of anne p. Introduction in 1956 robert solows paper a contribution to the theory of economic growth 21 appeared in the quarterly journal of economics. Leontiefs 1933 article on the use of indifference curves in the analysis of foreign trade is widely cited as a fundamental contribution to neoclassical theory.
Wassily leontief 1905a1999 was the founding father of inputoutput economics, for which he received the nobel prize in 1973. Leontiefs contributions to economics were not limited to inputoutput. This biography is a contribution to the study of womens role in economics discipline. He left economics, said wassily leontief, himself a nobel prize winner in economics.
I read many books of political economy in french, all the old master since. Wassily leontief, russianborn american economist who has been called the father of inputoutput analysis in econometrics and who won the nobel prize for economics in 1973. Mathematics in economics, in bulletin of the american mathematical society, 603, may 1954, pp 215233 in the issue of pp 207302. However, as leontief pointed out, though the united states has more capital than most other nations, the majority of its exports were of. Wassily wassilyevich leontief was born on august 5, 1906 in munich, germany. Wassily leontief biography facts, childhood, family life. Wassily kandinsky, russian in full vasily vasilyevich kandinsky, born december 4 december 16, new style, 1866, moscow, russiadied december, 1944, neuillysurseine, france, russianborn artist, one of the first creators of pure abstraction in modern painting. Wassily leontief has been the great pioneer of operational economics. Leontiefs contributions to economics were not limited to input output. The structural approach to economics developed by leontief, and known as inputoutput analysis, paved the way for the transformation of economics into a truly empirical discipline that could utilize modern data processing technology. Jun 27, 2009 in economics, an inputoutput model uses a matrix representation of a nations or a regions economy to predict the effect of changes in one industry on others and by consumers, government, and foreign suppliers on the economy. Since leontiefs name is associated with inputoutput analysis, its theory and applications are well brought out in this book and the contributions are mainly from authors of china and japan who are connected with the input. Meeting 5 leontief paradox international economics.
Evolution in the thought and analysis of wassily leontief by faye duchin department of economics rensselaer polytechnic institute 110 8th st. Leontief model wassily leontief won the nobel prize in economics in 1973. Inputoutput was novel and inspired largescale empirical. He is currently emeritus institute professor of economics at the massachusetts institute of technology, where he has been a professor since 1949. Wassily leontief and the discovery of the inputoutput. More than any other economist he has sttressed the integration of theory with a carefully designed database. The wassily leontief personal archive documents leontief s academic and professional activity from 1928 to 2001. The first part, reflections on inputoutput economics, focuses upon leontief as a person and scholar as well as his personal contributions to economics. Jewish nobel prize winners in economics 39% of world total, 50% of us total jinfo. This collection contains key articles that critically assess leontiefs contribution to economics. Economists had previously held that a countrys exports reflect the commodity most abundant in that countryi. Leontief thought that economics departments were increasingly.
Wassily leontief and the general equilibrium theory. In 1921 leontief entered the university of leningrad and read the classics of political economics, while alf around. Microeconomics analyzes basic elements in the economy, including individual agents and markets, their interactions, and the outcomes of interactions. He has also made contributions in other areas of economics, such as. Leontief was a student at the university of leningrad 192125 and the university of berlin 192528. Wassily leontief, the inputoutput model, the soviet national economic balance and the general equilibrium theory. The scandinavian journal of economics 75 december 1973. The book was, of course, considered ideologically wrong. The most familiar of his many contributions in the field of economics were his statement of consumer demand theory in microeconomics, and the islm model 1937, which summarised a keynesian view of.
He spent his childhood and youth in st petersburg leningrad where his father was a professor of economics. Wassily leontief and inputoutput economics edited by erik. Sir john hicks 8 april 1904 20 may 1989 was a british economist. Download for offline reading, highlight, bookmark or take notes while you read inputoutput economics. After graduating from the university of berlin, he worked briefly as a research associate with the u. The leontief model is a model for the economics of a whole country or region. Wassily leontief 19051999 was the founding father of inputoutput economics, for which he received the nobel prize in 1973. This book offers a collection of papers in his memory by his students and. According to leontief too many economists were reluctant to get their hands dirty by working with raw empirical facts. Wassily leontief had for analyzing social and economic phenomena. His first major paper on growth was a contribution to the theory of growth. This collection of writings provides the only comprehensive introdu. A british economist who received the 1972 nobel memorial prize in economics, along with kenneth arrow, for his development.
Klein and ryan daza econ journal watch 103, september 20. Numerous and frequentlyupdated resource results are available from this search. Wassily leontief 19061999 wassily leontief was a russian born economist, and econometrician, first taught in germany then in 1931, joined economist department at harvard university where he has remained ever since. Inputoutput analysis belongs to that branch of economics pioneered by nineteenth century french economist, leon walras. Wassily leontief was a russian born economist, and econometrician, first taught in germany then in 1931, joined economist department at harvard university where he has remained ever since. Wassily was admitted to leningrad university in 1921 at. The sveriges riksbank prize in economic sciences in memory of alfred nobel 1973. Wassily leontief and input output economics history of economic. With a 1919 article by his former teacher eli heckscher as his starting point, ohlin showed that. Outstanding contributions to the field economics siu. Inputoutput economics edition 2 by wassily leontief. This book offers a collection of papers in memory of leontief by his students and close colleagues. The first is a comparison of the early works of wassily leontief and piero sraffa, showing how both authors started from a similar framework, but used it in different ways.
From 1961 to 1963 he was a senior economist with president john f. A problem in the theory of marginal productivity, the quarterly journal of economics, oxford university press, vol. This collection of writings provides the only comprehensive introduction to the inputoutput model for which leontief was awarded the nobel prize in 1973. We draw the picture of one of the first women economists in the usa to be appointed university professor and take topresponsibilities at university. Petersburg, belonged to an oldbeliever family living in that city since 1741. Leontief stress his work on national inputoutput accounts and models, the main contribution for which he received the nobel prize in economics in 1973. In honor of wassily leontiefs 90th birthday faye duchin. This book offers a collection of papers in his memory by his students and close colleagues. Wassily leontief and inputoutput economics request pdf. His greatest contribution to economic theory is the formulation of input. The structural approach to economics developed by leontief, and known as inputoutput analysis, paved the way for the transformation of.
Wassily leontief ideological profiles of the economics laureates daniel b. This collection contains key articles that critically assess leontief s contribution to economics, as well as a number of articles that build on his economic theories. Wassily leontief econlib library of economics and liberty. Bertil gotthard ohlin econlib library of economics and. He earned his undergraduate degree from the university of saint petersburg 5. While always prepared to speak on his scholarly work and contribute his view on a. August 5, 1905 february 5, 1999, was a russianamerican economist known for his research on inputoutput analysis and how changes in one economic sector may affect other sectors. The book was finally published in czech with ten years delay under the title survey of contemporary bourgeois economics. S wedish economist bertil ohlin received the nobel prize in 1977, along with james meade, for his pathbreaking contribution to the theory of international trade and international capital movements. Based on his inputoutput analysis, the book derives its value as much from his rich experience and painstaking compilation of data as for his vivid style of writing. Leontief, wassily 19051999 bibliography 1 wassily leontief 2 was born into an academic family on august 5, 1905, in saint petersburg 3, russia 4.
Wassily leontiefs contribution to economics 431 tief matrices have. Robert solow was awarded the nobel prize in 1987 for his contributions to the theory of economic growth. Wassily leontief received the nobel prize in economics in the 5 year 1973 after it was instituted in 1969. His grandfather owned a successful textile mill in the city. Wassily leontief 19051999 is credited with the development of this analysis. Inputoutput models were originally introduced by professor wassily leontief in 1941 in his book, the structure of american economy 19191920. Some basic problems of empirical inputoutput analysis. Wassily leontief the history of economic thought website.
His greatest contribution to economic theory is the formulation of inputoutput models for which he was awarded the nobel prize in 1973. His father was a professor of labor economics at the university of st. Wassily leontiefscientific economic planning hello everyone, the following article is by wassily leontief not to be mistaken with an author of an economics text book of stalins era with a similar name. Wassily leontiefs name has been associated with a particular type of quantitative economics. Ohlins prize was based on his book interregional and international trade, published in 1933. Wassily leontief s name has been associated with a particular type of quantitative economics. Leontief professor of economics and zlata german spelling slata. In appreciation article pdf available in european journal of the history of economic thought 163. The structural approach to economics developed by leontief, and known as inputoutput analysis, paved the way for the transformation of economics into a truly empirical. Inputoutput economics wassily leontief oxford university. Leontief wassily et duchin faye, 1983, military spending. He was considered one of the most important and influential economists of the twentieth century.
National bureau of economic research, where he did preliminary work on what is now known as an inputoutput model. A british economist who received the 1972 nobel memorial prize in economics, along with kenneth arrow, for his development of general equilibrium theory and welfare theory. Wassily leontief was the founding father of inputoutput economics, for which he received the nobel prize in 1973. Biography of wassily leontief a great american economist. Org listed below are recipients of the nobel prize in economics who were, or are, jewish or of half or threequartersjewish descent, as noted. One key contribution of the thesis is to place analysis of energy use in the context of chinas broad economic development, drawing on economic growth. But it was not until many years later, in 1941, while a professor at harvard, that leontief calculated an inputoutput table for the american economy.
Leontief, a professor of labor economics at the university of st. Reliable information about the coronavirus covid19 is available from the world health organization current situation, international travel. In 1973, professor leontief received a nobel prize in economics for introducing these models. The structural approach to economics developed by leontief, and known as inputoutput analysis, paved the way for the transformation of economics into a truly empirical discipline that could utilize modern data. This is the introductive chapter to the book wassily leontief and economics, published in february 2019 ens editions. Wassily leontief is best remembered for his 1941 work, the structure of the american economy 19191929. Leontief was concerned essentially with practical problems, while sraffa was concerned with refining the theoretical framework. It talks about the details of leontieff model and it explains clearly the stochastic models unlike any other books.
However, leontiefs contribution to economics is to be found not merely in his development of inputoutput but also in his conception of the subject as a practical, problemsolving discipline grounded in the collection and processing of actual data and the use of simplified but applicable analytical tools. Inputoutput was novel and inspired largescale empirical work. Wassily leontief ideological profiles of the economics. Debreau has made a significant contribution to general equilibrium theory, which is discussed in his short and highly mathematical book, theory of value. Keynesian economics derives from john maynard keynes, in particular his book the general theory of employment, interest and money 1936, which ushered in contemporary macroeconomics as a distinct field. Prescott federal reserve bank of minneapolis and university of minnesota, minneapolis, mn, usa i. Professor lahiris contribution to the inputoutput models was so significant that when professor leontief passed away, professor lahiri was asked by the editor of one of the top journals, economic journal ranked as 5 on a scale of 1 to 5, 5 being the best, published by the royal economic society, to write an obituary on professor wassily. This is a very interesting essay about scientific economic planning and the problems of planning in the former soviet union.
This collection contains key articles that critically assess leontief s contribution to economics. American economist who stood out for his theoretical studies and developed the inputoutput methodology of economic analysis, for which he was awarded the nobel prize for economics in 1973. To that end wassily leontief did much to make quantitative data more accessible, and more indispensable, to the study of economics. In economics, an inputoutput model uses a matrix representation of a nations or a regions economy to predict the effect of changes in one industry on others and by consumers, government, and foreign suppliers on the economy. In the model there are n industries producing n di erent products such that the input equals the output or, in other words, consumption equals production. One of the most interesting developments in the field of modern economics is the model of industrial interdependence known as inputoutput tableau. Wassily wassilyevich leontief was a russianamerican economist known. Debreau, won the nobel prize earlier than his inspirer allais. Wassily leontief this collection of writings provides the only comprehensive introduction to the inputoutput model for which leontief was awarded the nobel prize in 1973. This book offers a collection of papers in his memory by his students and close. Wassily leontief was the founding father of inputoutput economics, for which he. Meeting 5 leontief paradox international economics 1. Economics of nobel laureates by tirupati naidu vangapandu.
Like all great intellectual pioneers, wassily leontief has inspired a new generation of researchers. Inputoutput analysis is of special interest to the nationalincome economist because it provides a very detailed breakdown of the macroaggregates and money flows. Wassily wassilyevich leontief 19051999 was an american economist of russian descent. How economics became a religion john rapley news the. In it he presented a mathematical model of growth that was a version of the harroddomar growth model see roy f.
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