Word: input-output
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...last fall, when a similar rumor travelled the academic grapevine, Leontief had no doubts that this time the prize was his. He was the only department member with a Russian name, and his widely used input-output theorem had long been considered worthy of the $120,000 cash prize...
...vibrant Russian emigre developed the input-output analysis while teaching at Harvard in the early 1930s. Since then, his method has been used chiefly for planning in socialist and developing countries...
Though such direct involvement in public issues is unusual for an academic economist, it flows quite naturally from Leontief's most important achievement: the development of "input-output" analysis. Leontiefs big contribution was devising the formulas through which economists can determine with great precision how changes in one sector of the economy (inputs) will affect the performance of other sectors (outputs). Building on his pioneering work, Government economists now compile a huge statistical grid showing how much each economic sector buys and sells from every other major sector. Using the chart, they can, for example, calculate how much...
...Russian-born economist's own words: "It [input-output] is as simple as a cooking recipe. You add the ingredients and the whole things hands together...
Leontief's attitude toward his field, like his input-output model, is free of dogmatic constraints. The Nobel Prize winner has praise for the profit motive in the American economy and the collective controls in the Chinese system...