Wassily Leontief

Wassily Leontief was a Russian-American economist who developed input–output analysis, a method for tracing interdependence among industries, and received the 1973 Nobel Memorial Prize in Economic Sciences.

Input–output model: A quantitative model that maps how industries supply goods and services to one another and to final users. Leontief developed this framework to measure production interdependence across an economy.
Economic planning: The coordination of production, investment, and resource use through public or organizational plans. Leontief’s tables helped planners estimate how changes in demand affect production throughout an economy.
Harvard Economic Research Project: A research group at Harvard University that developed and applied quantitative economic analysis. Leontief directed this project, which built extensive input–output research and data.
Nobel Memorial Prize in Economic Sciences: An annual prize awarded for outstanding contributions to economic sciences. Leontief received the 1973 award for developing input–output analysis and applying it to economic problems.
Substitution elasticity: A measure of how readily one production input can replace another while output is held constant. Fixed input coefficients simplify Leontief models but can understate firms’ ability to substitute inputs.
Input–output table: A matrix recording transactions among industries and between industries and final users. These tables organize the economic data at the heart of Leontief’s method.
Structural decomposition analysis: A method for attributing changes in an outcome to changes in its underlying factors. Researchers use input–output data to separate drivers of changes in output, emissions, and energy use.
John Maynard Keynes: A British economist whose theories reshaped macroeconomics and economic policy. Leontief’s research program developed at Harvard amid debates shaped by Keynesian economics.
National accounts: A systematic statistical record of a country's economic activity and transactions. Input–output tables became a component of national accounting systems in many countries.
Supply-chain network: A network of organizations and activities involved in producing and distributing goods or services. Modern production networks can shift faster and branch more widely than static input–output tables capture.

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