Word: thats
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Dates: during 1950-1959
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The 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...
An input-output table is essentially a double-entry chart of all the transactions between different sectors of the economy. It shows for a particular year what each industry supplies to every other industry and to the final consumer. The table is arranged so that each industry, or supplier, appears...
One of the most important aspects of the analysis is that it allows a detailed study of the sectors of the economy and their effects on each other and on the economy as a whole. It can bring to account every transaction in goods and services. Final demand, which appears...
Preparation of the table just described, which shows input-output relations in current money values is only the first step of Leonteif's analysis. The second step is to "invert the matrix," producing a table of coefficients that shows the amounts of every other product required to bring into existance...
From this second 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...