Wassily leontief biography

Wassily Leontief (August 5, – February 5, ) has been associated with the quantitative economics he invented: Input-Output analysis. Input-output was partly inspired by the Walrasian analysis of general equilibrium via inter-industry flows—which in turn were inspired by Quesnay's Tableau Economique, which Leontief's system most resembles.

Leontief's technique involves the use of a matrix containing the various industries of an economy, and the products they buy and sell one to another. Although of fluctuating popularity, input-output analysis has been a mainstay of economics and economic policy and planning throughout the world since the middle of the twentieth century, a valuable tool in efforts to understand and maintain economic health and prosperity.

Leontief won a Nobel Prize in Economics for his development of this model.

Biography

Wassily Leontief, the son of Wassily W. Leontief (professor of economics) and Eugenia, was born on August 5, in Munich, Germany