Word: inputs
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About 250 professional economists will meet in Geneva early next fall for an International Conference on Input-Output Techniques sponsored by the United Nations Secretariat and the University Economic Research Project. Chairman of the meeting will be Wassily W. Leontief, Henry Lee Professor of Economics, who developed the original technique in the thirties...
Since its birth in 1932, input-output analysis has been adopted by over 30 countries to meet various economic challenges. Leontief explained that regardless of a nation's political philosophy or stage of development, input-output analysis can aid in predicting the outcome of economic changes and in understanding the interrelations of industrial sectors...
Essentially, the analysis consists of a double-entry table showing what each industry supplies to each other industry and to the final consumer. Data from this table are processed by computers into coefficients that show the amounts of every input required to produce a dollar's worth of a given product...
...climbed to 40,000 ft. (jets are slow at low altitude). Air conditions were ideal; the aircraft and its Pratt & Whitney J-75 engine were new but carefully chosen. In earlier tests, the engine had been revved up until its temperature reached the highest permissible level, and the fuel-input control was set at that point...
...value of input-output analysis to individual industries and local areas is perhaps more limited than its value to a national government, but an industrialist does benefit by knowing the extent to which demand for his product might be affected by economic change. Input-output analysis will not replace, and was not intended to replace the entrepreneur's vital role of seeking profits by anticipating changes in taste and technology, but it does provide throughout the economic system many useful indicators of the results of a change--large or small--in one of the sectors