Word: input
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Leontief's input-output analysis, praised by the Swedish Academy of Science for its broad range of applications, is a predictable tool that maps out the interdependence of industrial output in different types of economy...
Since Leontief developed his model at Harvard in the early 1930s, input-output analysis has become the backbone of planning chiefly in socialist and developing nations...
...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...
...analysis has ready applications for any type of economic system. In the Soviet Union, for example, input-output analysis has the potential to be used to plan annual production quotas. However, the complexity of data involved has limited Soviet use of the model...
...lighter moment, Leontief compared his Nobel Prize-winning input-output analysis to a cooking recipe: "You add some ingredients, and then you figure out how the whole thing hangs together...