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.

BREAKING DOWN '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.

RELATED TERMS
  1. Input-Output Analysis

    Input-output analysis is an economics term that refers to the ...
  2. Robert M. Solow

    Robert M. Solow is an American economist and recipient of the ...
  3. Simon Kuznets

    A Russian-American economist and statistician who won the 1971 ...
  4. Thomas C. Schelling

    An American economist who won the 2005 Nobel Memorial Prize in ...
  5. Vernon L. Smith

    An American economist who won the Nobel Prize in Economics in ...
  6. Merton Miller

    A prominent Chicago school economist. Miller was born in 1923 ...
Related Articles
  1. Professionals

    Get An Academic Finance Career

    Working nine months a year and earning a six-digit salary might seem like the high life, but these jobs are not easy to come by.
  2. Trading

    The Most Famous Forex Traders Of All Time

    The five most famous forex traders share common virtues such as strong self-confidence.
  3. The Dangerous Idea Keeping You From Outsized Gains

    There's a dangerous idea in the world of finance that's been floating around for years. The man who coined this idea won a Nobel Prize for his work, but even he has stated that there are "threats" ...
  4. Insights

    3 Billionaires Who Graduated From Harvard

    Learn more about three of the many billionaires Harvard has produced and how they have remained loyal by donating hundreds of millions to their alma mater.
  5. Markets

    Lloyd Blankfein Biography

    Lloyd Blankfein loves to compete. He loves to compete so much that he’s tried out for sports teams he where he has no chance of making the team and he’s competed his way to the top of Goldman ...
  6. Investing

    Warren Buffett Biography

    Warren Buffett is one of the top investors in the world. Learn more about his amazing life and path to success.
  7. Retirement

    Thomas Rowe Price: Always Right

    This great investor mastered a new type of investing with every new market he faced.
  8. Personal Finance

    4 Billionaires Who Dropped Out of Harvard

    People who became successful despite dropping out of Harvard University.
  9. Investing

    Warren Buffett: His Life and Education

    Warren Edward Buffett was born on August 30, 1930 in Omaha, Nebraska, to Howard, a stockbroker and later Congressman, and Leila (Stahl) Buffett. As a child, Warren showed an interest in stocks ...
  10. Professionals

    What Education Do You Need To Become A Billionaire? (MSFT, ORCL)

    What kind of education does it take to become a billionaire? We take a look at the formal and informal education of the world's five richest people.
RELATED FAQS
  1. How did Warren Buffett get started in business?

    Warren Buffett may have been born with business in his blood. He started saving while other children were at the playground, ... Read Answer >>
  2. What are some retirement options for a PhD student?

    My son is 25 years old and hoping to start a PhD program. That means another 3-4 years of no retirement contributions. Besides ... Read Answer >>
  3. What schools did Warren Buffett attend on his way to getting his science and economics ...

    Learn how Warren Buffett became so successful through his attendance at multiple prestigious schools and his real-world experiences. Read Answer >>
  4. Are there high capital gains when there's low income?

    My father sold a piece of property that he inherited in order to pay for assisted living expenses. He ... Read Answer >>
  5. What can we do if my ex-husband is trying to get his 401k to cash out from his previous ...

    How can my ex-husband get it if he has been unemployed since  Read Answer >>
  6. How can an investor profit from a fall in the utilities sector?

    Learn how an investor can profit from a fall in the utilities sector by employing speculation methods such as short selling ... Read Answer >>
Hot Definitions
  1. Put Option

    An option contract giving the owner the right, but not the obligation, to sell a specified amount of an underlying security ...
  2. Frexit

    Frexit – short for "French exit" – is a French spinoff of the term Brexit, which emerged when the United Kingdom voted to ...
  3. AAA

    The highest possible rating assigned to the bonds of an issuer by credit rating agencies. An issuer that is rated AAA has ...
  4. GBP

    The abbreviation for the British pound sterling, the official currency of the United Kingdom, the British Overseas Territories ...
  5. Diversification

    A risk management technique that mixes a wide variety of investments within a portfolio. The rationale behind this technique ...
  6. European Union - EU

    A group of European countries that participates in the world economy as one economic unit and operates under one official ...
Trading Center