Word: input-output
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...past ten years, Harvard's Economic Research Project has been perfecting a unique analytical tool developed by Wassily W. Leontief, Henry Lee Professor of Economics. Input-output or inter-industry analysis, as the tool is known, evolved from a search by Leontief for a way to apply economic theory to a factual analysis of the entire national economy...
...interesting problems were not those related to small, isolated parts of the market, but rather those dealing with the economy as a whole. In early 1932, he came to Harvard, a lecturer in Economics, and secured funds from the College for research. By 1935 he had developed the first input-output table of United States industry...
...input-output table is essentially a double-entry chart of all the transactions between different sectors of the economy. It shows for a particular year what each industry supplies to every other industry and to the final consumer. The table is arranged so that each industry, or supplier, appears as a producer down one side of the chart, and again, in the same order, as a consumer along...
Preparation of the table just described, which shows input-output relations in current money values is only the first step of Leonteif's analysis. The second step is to "invert the matrix," producing a table of coefficients that shows the amounts of every other product required to bring into existance a dollar's worth of any given product...
...Leontief, professor of Economics since 1946, is recognized internationally for his "input-output" reports on the structure of the American economy...