Wassily Leontief

born: august 5, 1906 Saint Petersburg, Russia

died: february 5, 1999 New York City, New York

Russian-born American economist who has been known as the father of input-output analysis in econometrics and who received the Nobel Prize for Economics in 1973.The core of his advanced input-output system is a gridlike table displaying what individual industries purchase from and sell to one another. With the addition of government, customers, foreign nations, and different elements, there emerges a basic outline of the goods and services circulating in a nationwide economy. The input-output approach of economic prognosis is used in various types through a large number of industrialized nations for each planning and forecasting.Leontief can also be distinguished for having developed linear programming, a mathematical methodology for solving advanced issues of economic operations. He also is known for the “Leontief Paradox.” Paradox.

laureates-of-nobel-prize