Leontief, Wassily W.
Wassily W. Leontief, (1906-1999), a Russian-born American economist who won the 1973 Nobel Prize in Economics for his development of input-output analysis (I-O analysis). I-O analysis is used to demonstrate how a change in one economic sector affects other economic sectors. The method was partly inspired by the Marxian and Walrasian analysis of general equilibrium via interindustry flows, which in turn were inspired by Quesnay's Tableau Économique (1759). I-O analysis has been a mainstay of economics and economics policy and planning throughout the world for the past half-century. Hannon and colleagues at the University of Illinois applied I-O tables to perform detailed analyses of the structure of energy demand in the U.S economy during the 1970s.
Further Reading
- Nobel Foundation. Wassily Leontief - Autobiography.
- Nobel Foundation. Wassily Leontif - Prize Lecture.
