Word: leontiefs
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Dates: during 1970-1979
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...such problems beset the judges awarding the prizes for economics and literature, which went to Harvard's Wassily Leontief, 67 (see ECONOMY & BUSINESS), and Australian Patrick White, 61, whose sensitive, lonely novels are set against the vast open spaces of his homeland...
...dismal science's ivory tower. But this year, the $121,000 tax-free prize was awarded to a Russian-born Harvard professor whose theoretical constructs, practical applications of complex statistics and passionate devotion to controversial causes have kept him in the public eye. He is Wassily Leontief, 67, and over the years he has helped formulate or strongly supported proposals for world disarmament, George McGovern's propositions for income redistribution, and even a plan to solve New York City's growing trash problem by levying a heavy tax on every disposable commodity from glass bottles to plastic...
Though such direct involvement in public issues is unusual for an academic economist, it flows quite naturally from Leontief's most important achievement: the development of "input-output" analysis. Leontiefs big contribution was devising the formulas through which economists can determine with great precision how changes in one sector of the economy (inputs) will affect the performance of other sectors (outputs). Building on his pioneering work, Government economists now compile a huge statistical grid showing how much each economic sector buys and sells from every other major sector. Using the chart, they can, for example, calculate how much...
...Leontief's attitude toward his field, like his input-output model, is free of dogmatic constraints. The Nobel Prize winner has praise for the profit motive in the American economy and the collective controls in the Chinese system...
...Leontief demonstrated his independence when he and Kenneth J. Arrow, the 1972 Nobel Prize winner, joined a tiny minority in the Department in support of tenure for radical economist Samuel S. Bowles, associate professor of Economics...