Word: leontiefs
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...past ten years, Harvard's Economic Research Project has been perfecting a unique analytical tool developed by Wassily W. Leontief, Henry Lee Professor of Economics. Input-output or inter-industry analysis, as the tool is known, evolved from a search by Leontief for a way to apply economic theory to a factual analysis of the entire national economy...
...Germany during the middle dle twenties, Leontief studied what he considered one of the greatest problems in economics, that of relating abstract theory to actual fact. "Too often," he explained, "one group of people makes the theories while another assembles the facts." His early work was done in "partial theory," by which the market is dissected and sections of it studied. Such problems as the market effect of a change in the price of copper, or an increase in the supply of meat, were tackled by him and his co-workers during these years...
...adoption of western economic theories is causing revolutionary changes in Russian thinking and may bring the Soviet people substantial economic improvement, Wassily W. Leontief, Henry Lee Professor of Economy, reported recently...
...Leontief returned in late February from a three-week visit to the Soviet Union where he found that many theories he had helped to develop here are being put into practice...
During his visit, Leontief also noted a new transition from practical to mathematical economics. Economy is reportedly becoming more of a science in Russia than ever before...