WASSILY LEONTIEF Meaning and
Definition
-
Wassily Leontief (1906-1999) was a Russian-American economist and Nobel laureate known for his contribution to the field of input-output analysis. He was born in Munich, Germany, and later emigrated to the United States, where he became a prominent figure in economic research and policy development.
Leontief's groundbreaking work on input-output analysis revolutionized the understanding of inter-sectoral relationships within an economy. He developed the input-output model, which quantifies the flows of goods and services between different sectors of an economy. This model provides a comprehensive and systematic framework for analyzing how changes in one sector affect others, influencing economic growth, productivity, and employment.
Leontief's most notable achievement was the development of the Leontief paradox, a finding that challenged the traditional theories of trade. He discovered that the United States, known for exporting capital-intensive goods, was actually importing more labor-intensive products. This contradicted the Heckscher-Ohlin theory of comparative advantage, which predicted the opposite pattern. The Leontief paradox sparked a significant reevaluation of trade theory and paved the way for further research in understanding the complexities of international trade.
Leontief's contributions to economics earned him the Nobel Memorial Prize in Economic Sciences in 1973. He continued his influential research and teaching career at Harvard University, where he founded the Harvard Economic Research Project and mentored numerous students and researchers. Leontief's work remains highly influential and his input-output analysis continues to be a fundamental tool in economic planning and policy-making.
Common Misspellings for WASSILY LEONTIEF
- qassily leontief
- aassily leontief
- sassily leontief
- eassily leontief
- 3assily leontief
- 2assily leontief
- wzssily leontief
- wsssily leontief
- wwssily leontief
- wqssily leontief
- waasily leontief
- wazsily leontief
- waxsily leontief
- wadsily leontief
- waesily leontief
- wawsily leontief
- wasaily leontief
- waszily leontief
- wasxily leontief
Etymology of WASSILY LEONTIEF
The word "Wassily Leontief" does not have an etymology as it consists of two proper nouns. Wassily Leontief was a Russian-American economist who won the Nobel Prize in Economics in 1973 for developing input-output analysis. His name is a combination of his first name, Wassily, and his last name, Leontief, both of which have their own individual etymologies.
- Wassily: The name Wassily is of Russian origin and is derived from the Slavic name Vasil, which means "king" or "royal" in Greek. It is a variant of the more common name Vasiliy.
- Leontief: The name Leontief is a patronymic surname that is derived from the male given name Leonti or Leonty, which means "lion" in Greek. It is commonly found in Russian and Ukrainian ancestry.
Infographic
Add the infographic to your website:
