Wassily Leontief

Definition of 'Wassily Leontief'


A Nobel Prize-winning American economist and professor. Wassily Leontief was born in 1906 in Russia, where he was also raised. He left the country and earned a Ph.D. from the University of Berlin. After a brief stint at the National Bureau of Economic Research, he taught at Harvard for 44 years. He then taught at New York University, where he was also the director of its Institute for Economic Analysis. Leontief died in New York in 1999. His father was also a professor of economics.

Investopedia explains 'Wassily Leontief'


In 1973, Wassily Leontief won the Nobel Memorial Prize in Economics for his input-output analysis. His input-output tables, which show how changes in one sector of the economy can affect other sectors, have been used by the World Bank, the United Nations and the U.S. Department of Commerce. He is also known for his Leontief Paradox, and contributions to the composite commodities theorem.



comments powered by Disqus
Hot Definitions
  1. Federal Reserve Note

    The most accurate term used to describe the paper currency (dollar bills) circulated in the United States. These Federal Reserve Notes are printed by the U.S. Treasury at the instruction of the Federal Reserve member banks, who also act as the clearinghouse for local banks that need to increase or reduce their supply of cash on hand.
  2. Benchmark Bond

    A bond that provides a standard against which the performance of other bonds can be measured. Government bonds are almost always used as benchmark bonds. Also referred to as "benchmark issue" or "bellwether issue".
  3. Market Capitalization

    The total dollar market value of all of a company's outstanding shares. Market capitalization is calculated by multiplying a company's shares outstanding by the current market price of one share. The investment community uses this figure to determine a company's size, as opposed to sales or total asset figures.
  4. Oil Reserves

    An estimate of the amount of crude oil located in a particular economic region. Oil reserves must have the potential of being extracted under current technological constraints. For example, if oil pools are located at unattainable depths, they would not be considered part of the nation's reserves.
  5. Joint Venture - JV

    A business arrangement in which two or more parties agree to pool their resources for the purpose of accomplishing a specific task. This task can be a new project or any other business activity. In a joint venture (JV), each of the participants is responsible for profits, losses and costs associated with it.
  6. Aggregate Risk

    The exposure of a bank, financial institution, or any type of major investor to foreign exchange contracts - both spot and forward - from a single counterparty or client. Aggregate risk in forex may also be defined as the total exposure of an entity to changes or fluctuations in currency rates.
Trading Center