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Much of current academic teaching and research has been criticized for its lack of relevance, that is, of immediate practical impact... The trouble i… - Wassily Leontief
" "Much of current academic teaching and research has been criticized for its lack of relevance, that is, of immediate practical impact... The trouble is caused, however, not by an inadequate selection of targets, but rather by our inability to hit squarely any one of them... The weak and all too slowly growing empirical foundations clearly cannot support the proliferating superstructure of pure, or should I say, speculative economic theory.
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About Wassily Leontief
Wassily Wassilyovich Leontief (August 5, 1906 – February 5, 1999), was a Russian-American economist notable for his research on how changes in one economic sector may have an effect on other sectors. Leontief won the Nobel Committee's Nobel Memorial Prize in Economic Sciences in 1973, and three of his doctoral students have also been awarded the prize (Paul Samuelson 1970, Robert Solow 1987, Vernon L. Smith 2002).
Also Known As
Native Name:
Васи́лий Лео́нтьев
Alternative Names:
Wassily W. Leontief
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Wassily Wassilyevich Leontief
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Additional quotes by Wassily Leontief
The general, and at the same time dynamic, type of analysis still remains an unwritten chapter of economic theory, the claims of innumerable “model-builders” notwithstanding... The … theoretical approach, based on the combination of the complexities of a general interdependent system with the simplifying assumptions of static analysis, constitutes the background of this investigation.
Economics today rides the crest of intellectual respectability and popular acclaim. The serious attention with which our pronouncements are received by the general public, hard-bitten politicians, and even skeptical businessmen is second only to that which was given to physicists and space experts a few years ago when the round trip to the moon seemed to be our only truly national goal.
Computers and robots replace humans in the exercise of mental functions in the same way as mechanical power replaced them in the performance of physical tasks. As time goes on, more and more complex mental functions will be performed by machines. Any worker who now performs his task by following specific instructions can, in principle, be replaced by a machine. This means that the role of humans as the most important factor of production is bound to diminish—in the same way that the role of horses in agricultural production was first diminished and then eliminated by the introduction of tractors.
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