Wassily Leontief

AAA

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.

RELATED TERMS
  1. Input-Output Analysis

    Input-output analysis is an economics term that refers to the ...
  2. Zvi Griliches

    A celebrated Harvard University empirical economist. Born in ...
  3. Economist

    An expert who studies the relationship between a society's resources ...
  4. Free Market

    A market economy based on supply and demand with little or no ...
  5. Laissez Faire

    An economic theory from the 18th century that is strongly opposed ...
  6. Invisible Hand

    A term coined by economist Adam Smith in his 1776 book "An Inquiry ...
Related Articles
  1. Fundamental Analysis

    How Influential Economists Changed Our History

    Find out how these five groundbreaking thinkers laid our financial foundations.
  2. 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.
  3. Fundamental Analysis

    4 Misconceptions About Free Markets

    These fallacies have hounded free market economists since the days of Adam Smith.
  4. 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.
  5. Forex Education

    Free Market Maven: Milton Friedman

    As proponent of free market capitalism, this economist changed the way the world's economies operate.
  6. Active Trading

    Giants Of Finance: John Maynard Keynes

    This rock star of economics advocated government intervention at a time of free-market thinking.
  7. Economics

    How Terrorism Affects Markets and the Economy

    Terrorism causes quantifiable short-term and long-term costs. After major terror attacks, markets tend to drop quickly but recover within a year.
  8. Investing

    How to Use Stratified Random Sampling

    Stratified random sampling is a technique best used with a sample population easily broken into distinct subgroups. Samples are then taken from each subgroup based on the ratio of the subgroup’s ...
  9. Fundamental Analysis

    Lognormal and Normal Distribution

    When and why do you use lognormal distribution or normal distribution for analyzing securities? Lognormal for stocks, normal for portfolio returns.
  10. Investing Basics

    Using Normal Distribution Formula To Optimize Your Portfolio

    Normal or bell curve distribution can be used in portfolio theory to help portfolio managers maximize return and minimize risk.

You May Also Like

Hot Definitions
  1. Fixed-Charge Coverage Ratio

    A ratio that indicates a firm's ability to satisfy fixed financing expenses, such as interest and leases. It is calculated ...
  2. Efficiency Ratio

    Ratios that are typically used to analyze how well a company uses its assets and liabilities internally. Efficiency Ratios ...
  3. Fixed Cost

    A cost that does not change with an increase or decrease in the amount of goods or services produced. Fixed costs are expenses ...
  4. Subsidy

    A benefit given by the government to groups or individuals usually in the form of a cash payment or tax reduction. The subsidy ...
  5. Sunk Cost

    A cost that has already been incurred and thus cannot be recovered. A sunk cost differs from other, future costs that a business ...
  6. Technical Skills

    1. The knowledge and abilities needed to accomplish mathematical, engineering, scientific or computer-related duties, as ...
Trading Center