Leontief, Wassily

Publication: Gale Encyclopedia of U.S. Economic History

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LEONTIEF, WASSILY

In 1973 Wassily Leontief, the Russian-born U.S. economist, received the Nobel Prize in economic sciences "for the development of the input-output method and for its application to important economic problems." Input-output analysis belongs to that branch of economics pioneered by nineteenth century French economist, Leon Walras. This branch of economics is known as general equilibrium theory, focusing on examining the interdependence of economic forces representing the economy as a whole. The first major practical policy applications of Leontief's input-output analysis were made by the U.S. Bureau of Labor Statistics, first in 1939 and then again in 1947. His model was used to predict how total and partial sector employment in the United States would change as the economy of the United States shifted from peace to war and back again.

Wassily Leontief was born in St. Petersburg, Russia, in August of 1906. His father, Wassily...

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