Word: toed
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Dates: during 1950-1959
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Wartime experience, when demand is largely in the hands of the Federal Government, demonstrates the value of a realistic guide to such future events: it could assist authorities to control scarce materials, to encourage production or substitution for them well in advance, and to arrange for more imports.
Recently, however, the Department of Commerce announced plans to publish a new small table. This move shows that the government is actually interested in the analysis, and Leontief's predictions of wider U. S. government use in the future seem nearer fulfillment.
The small-scale table that the Department plans, Mrs. Gilboy pointed out, is not really adequate for an economy as large and diverse as this country's. One with at least 450 industrial sectors is needed. Only the government or large scale industries could afford the million dollar cost of...
Interest in European nations has been prompted by import-export considerations. Underdeveloped economies are anxious to pursue a rapid planned growth process, which is greatly facilitated by this type of analysis.
The value of input-output analysis to individual industries and local areas is perhaps more limited than its value to a national government, but an industrialist does benefit by knowing the extent to which demand for his product might be affected by economic change. Input-output analysis will not replace...