DEFINITION of 'Wassily Leontief'
A Nobel Prizewinning 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 inputoutput analysis. His inputoutput 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.

InputOutput Analysis
Inputoutput analysis is an economics term that refers to the ... 
Zvi Griliches
A celebrated Harvard University empirical economist. Born in ... 
Economist
An expert who studies the relationship between a society's resources ... 
Free Market
A market economy based on supply and demand with little or no ... 
Laissez Faire
An economic theory from the 18th century that is strongly opposed ... 
Invisible Hand
A term coined by economist Adam Smith in his 1776 book "An Inquiry ...

What are the key metrics of the human development index (HDI)?
The key metrics of the standard U.N. Human Development Index (HDI) are health, education and income. These metrics were chosen ... Read Full Answer >> 
How do you calculate the geometric mean to assess portfolio performance?
The geometric mean is used to calculate the central tendency of a set of numbers. It is the average of the logarithmic values ... Read Full Answer >> 
What is the difference between a simple random sample and a stratified random sample?
Simple random samples and stratified random samples differ in how the sample is drawn from the overall population of data. ... Read Full Answer >> 
What are the advantages and disadvantages of using systematic sampling?
As a statistical sampling method, systematic sampling is simpler and more straightforward than random sampling. It can also ... Read Full Answer >> 
What is the difference between the standard error of means and standard deviation?
The standard deviation, or SD, measures the amount of variability or dispersion for a subject set of data from the mean, ... Read Full Answer >> 
What is the theory of asymmetric information in economics?
The theory of asymmetric information was developed in the 1970s and 1980s as a plausible explanation for common phenomena ... Read Full Answer >>

Fundamental Analysis
How Influential Economists Changed Our History
Find out how these five groundbreaking thinkers laid our financial foundations. 
Economics
The Austrian School Of Economics
Investopedia explains: If you think economists are only concerned with numbers, check out the Austrian School, who are more like economic philosophers. 
Fundamental Analysis
4 Misconceptions About Free Markets
These fallacies have hounded free market economists since the days of Adam Smith. 
Economics
Why Can't Economists Agree?
There are many reasons why economists can be given the same data and come up with entirely different conclusions. 
Forex Education
Free Market Maven: Milton Friedman
As proponent of free market capitalism, this economist changed the way the world's economies operate. 
Active Trading
Giants Of Finance: John Maynard Keynes
This rock star of economics advocated government intervention at a time of freemarket thinking. 
Fundamental Analysis
What is Quantitative Analysis?
Quantitative analysis refers to the use of mathematical computations to analyze markets and investments. 
Fundamental Analysis
Understanding the Simple Random Sample
A simple random sample is a subset of a statistical population in which each member of the subset has an equal probability of being chosen. 
Economics
What is Systematic Sampling?
Systematic sampling is similar to random sampling, but it uses a pattern for the selection of the sample. 
Fundamental Analysis
Explaining Expected Return
The expected return is a tool used to determine whether or not an investment has a positive or negative average net outcome.