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Economics today rides the crest of intellectual respectability and popular acclaim. The serious attention with which our pronouncements are received … - Wassily Leontief
" "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.
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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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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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The statistical study presented in the following pages may be best defined as an attempt to construct, on the basis of available statistical materials, a of the United States for 1919 and 1929. One hundred and fifty years ago, when Quesnay first published his famous scheme, his contemporaries and disciples acclaimed it as the greatest discovery since Newton’s laws. The idea of general interdepence among the various part of the economic system has become by now the very foundation of economic analysis. Yet, when it comes to the practical application of this theoretical tool, modern economists must rely exactly as Quesnay did upon fictitious numerical examples.
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