Word: project
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Dates: during 1950-1959
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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...
...table forecasts can be made of the effect throughout all industries of a change in demand for the produce of one industry. The statistical computations for "inverting the matrix" are multitudinous and require the solution of so many simultaneous equations that electronic computers must be used. Presently the Research Project is using a Univac and an IBM 650. Calculations on household consumption are being made with M.I.T...
...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...
Underdeveloped countries also have to overcome difficulties in formulating tables to use for planning. Although their economies are relatively uncomplicated, problems do arise in the collection of data, according to Mrs. E. W. Gilboy, assistant director of the Research Project and lecturer in Economics. Another difficulty for them is collecting funds for purchase of the giant computers necessary to construct the chart after the data is secured. Spain, which set up a table several years ago, had to send information to Italy, where computer work was done on Italian machines...
...Economic Research Project was set up 10 years ago by a grant from the Rockefeller Foundation to Leontief, "for research in the structure of the United States economy." Beginning in 1950, small Air Force grants were received, but these were discontinued in 1952, when the Administration changed. Ford Foundation then joined in support of the project. Since then a small grant from the National Science Foundation for large scale computation experimentation has also been donated...