Word: inputs
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Dates: during 1960-1969
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Last week the Commerce Department proudly brought forth a major new aid that will prove invaluable in analyzing the U.S. economy and its parts. It is called the input-output table, and its 24,044 computations are the result of five years and three-quarters of a million dollars' worth of work by a 20-man staff in Commerce's Office of Business Economics. Basically, the staff divided U.S. industry into 86 groups, painstakingly put precise numbers on the intricate interplay of sales and orders among them and tied the whole works for the first time to such basic statistical...
...better insight into who are his customers' customers (a notoriously foggy order) and show him where he is missing markets in which his competitors are selling. It enables a paint company, for example, to figure out its sales drop on a $3 billion defense cut in missiles and aircraft. Input-output shows that the aerospace industry uses 0.2450 of paint industry materials for every $1 of sales, and that a $3 billion drop in orders would thus mean a loss of $7,300,000 in sales to the industry. Knowing that it had 10% of the market, a paint firm...
...input-output tables are the brainchild of Harvard Professor Wassily W. Leontief, whose work persuaded the Government to begin the preparation of such tables in the late 1940s. Fearing that the system would prove a wedge for Government regulation of the entire economy, a group of businessmen led by General Motors Economist Stephen DuBrul in 1953 persuaded Defense Secretary Charles ("Engine Charlie") Wilson to halt work on it. But the work got under way again in 1959 after Professor Raymond Goldsmith of Yale urged the Government to push ahead, and business fears of the tables have turned to open-armed...
Leontief will be the third Chairman of the 30-year-old Society. Which was founded by President Lowell. The new Chairman is known especially for his work in developing the "input-output" method of analyzing national economies...
True. But the root question is still whether the war can ever be won so long as the north continues its input of terror. Last week Washington officials would not predict that extension of the war could be avoided before the November election, although of course they hoped that with the buildup in the south it could be avoided. Said one: "Whether we can get through the election [without escalation] is almost up to Hanoi. If it turns out that they are infiltrating very large numbers into South Viet Nam, we would have to rethink." U.S. policymakers could only hope...