Word: leontiefs
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...more Leontief studied, however, the more convinced he became that the most interesting problems were not those related to small, isolated parts of the market, but rather those dealing with the economy as a whole. In early 1932, he came to Harvard, a lecturer in Economics, and secured funds from the College for research. By 1935 he had developed the first input-output table of United States industry...
...table can be as detailed as necessary. Leontief's original version had only 15 catalogues; the latest U.S. table, made in 1947, by the government, included 450 industries...
...period of the forecast. A large, 450-catagory input-output table takes about two years to complete. This time lag, however, has not proven as serious as critics had predicted. In the United States, calculations based on 1947 figures were found to apply closely to conditions in 1952. Leontief and members of the Project are, however, developing a dynamic model to remove this limitation...
International attention has been attracted by the analytical device. Both advanced economies and underdeveloped countries have adopted Leontief's mode to answer specific questions that are pertinent to them. Underdeveloped countries are primarily interested in it for planning purposes; while advanced economies, particularly in Europe, are employing it to help solve trade balance problems...
Norway and Holland were largely interested in solving import-export problems, and used the new system along with their national income accounts to see what effect a shift in the trade balance would have on industry. Several South American nations, including Argentina, Peru, Chile, and Equador are also using Leontief's device. Great Britain has employed it for several years...