DEFINITION of 'Leonid Vitaliyevich Kantorovich'
A Russian mathematician and economist who won the 1975 Nobel Prize in Economics, along with Tjalling Koopmans, for his research on the optimal allocation of resources. His 1959 book, The Best Use of Economic Resources, described optimal ways to address problems of centrally planned economies, such as planning, pricing and decision making. He also made important contributions to functional analysis, approximation theory and operator theory and originated the technique of linear programming.
BREAKING DOWN 'Leonid Vitaliyevich Kantorovich'
Born in Russia in 1912, Kantorovich taught at Leningrad State University (where he completed his PhD at the age of 18), worked as director of the mathematical economics laboratory at the Moscow Institute of National Economic Management and headed the research laboratory at the Institute of National Economy Control in Moscow. He died in 1986.