Word: leontiefs
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...suspicion unites extremists and conservatives, consumerists, Congressmen and local government officials. Contends Harvard's Nobel prizewinning Economist Wassily Leontief: "The oil shortage is not simply the result of the Arab embargo, but a gross mismanagement on the part of our oil industry, obviously abetted by our Government." Consumerist Ralph Nader conceded a month ago that there was a shortage, but labeled it "artificial." Now he says he does not think there is any shortage at all. "To this very hour," he asserts, "the industry refuses to disclose its reserves to the Government. If there was a real energy shortage...
...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...
Born in St. Petersburg in 1906, Leontief studied at the University of Leningrad before his family fled Communism. He earned a doctorate in economics at the University of Berlin, and in 1931 joined the faculty at Harvard. Among his students in 1935 was Paul Samuelson, the M.I.T. professor who won the second Nobel economics prize in 1970. Besides Leontief and Samuelson, Harvard's Simon Kuznets-also a Russian émigré-won the award in 1971, and Harvard's Kenneth J. Arrow shared it in 1972. Cracked Leontief: "Do you think there should be an antitrust investigation...