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.