Wassily Leontief facts for kids
Quick facts for kids
Wassily Leontief
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Leontief in 1973
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Wassily Wassilyevich Leontief
August 5, 1905 |
| Died | February 5, 1999 (aged 93) New York City, U.S.
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| Citizenship | Russian, Soviet, American |
| Alma mater | University of Leningrad (MA) University of Berlin (PhD) |
| Known for | Input–output analysis |
| Spouse(s) | Estelle Marks (since 1932) |
| Awards | Nobel Memorial Prize in Economic Sciences (1973) |
| Scientific career | |
| Fields | Economics |
| Institutions | University of Kiel New York University Harvard University |
| Thesis | Wirtschaft als Kreislauf (1928) |
| Doctoral advisor | Ladislaus Bortkiewicz Werner Sombart |
| Doctoral students | Paul Samuelson Thomas Schelling Robert Solow Kenneth E. Iverson Vernon L. Smith Richard E. Quandt Hyman Minsky Dale W. Jorgenson Michael C. Lovell Karen R. Polenske Hollis B. Chenery |
| Influences | Léon Walras |
| Influenced | George B. Dantzig |
Wassily Wassilyevich Leontief (Russian: Васи́лий Васи́льевич Лео́нтьев; August 5, 1905 – February 5, 1999) was an important economist. He was born in Germany and later became an American citizen. He is best known for his work on something called input-output analysis. This method helps us understand how different parts of an economy affect each other.
Leontief won the Nobel Memorial Prize in Economic Sciences in 1973. Interestingly, four of his students also went on to win this prestigious award.
Contents
About Wassily Leontief
His Early Life and Studies
Wassily Leontief was born on August 5, 1905, in Munich, Germany. His father was also an economics professor. When he was 15, in 1921, Wassily started studying at the University of Leningrad in Russia. He earned his first degree in economics in 1925, when he was just 19 years old.
Leaving the USSR
Leontief supported ideas like academic freedom and free speech. Because of this, he was held by the Cheka (a security agency in the USSR) several times. In 1925, he was allowed to leave the USSR. The Cheka thought he was very sick, but this turned out to be false. He continued his studies in Berlin, Germany. In 1928, he earned his PhD in economics. His main paper was about "The Economy as Circular Flow."
Starting His Career
From 1927 to 1930, Leontief worked at the Institute for the World Economy in Kiel, Germany. He studied how people's demand for goods and services changes. In 1929, he went to China to help their railroad ministry as an advisor. In 1931, he moved to the United States. During World War II, he worked as a consultant for the U.S. government.
Working at Harvard University
In 1932, Leontief joined Harvard University's economics department. He became a professor there in 1946. In 1949, he used one of the first computers at Harvard, the Harvard Mark II. He used it to study the U.S. economy, dividing it into 500 different parts. This was one of the first times computers were used for such complex economic modeling. He also started and led the Harvard Economic Research Project from 1948 to 1973.
Moving to New York University
In 1975, Leontief moved to New York University. There, he started and led the Institute for Economic Analysis. He taught both undergraduate and graduate students.
His Family Life
In 1932, Leontief married a poet named Estelle Marks. They had one daughter, Svetlana Leontief Alpers, born in 1936. Estelle wrote a book about their family. For fun, Leontief enjoyed fly fishing, watching ballet, and trying different fine wines. He passed away in New York City on February 5, 1999, at the age of 93.
His Big Ideas in Economics
What is Input-Output Analysis?
Leontief is famous for creating input-output analysis. He won the Nobel Prize for this work. Imagine a factory that makes cars. To make cars, it needs steel, rubber, and glass. These are its "inputs." The cars are its "outputs." Input-output analysis helps economists see how much of each input an industry needs to produce its output. It also shows how a change in one industry, like car making, can affect other industries, like steel or rubber production. This method helps us understand how different parts of the economy are connected.
The Leontief Paradox
Leontief also studied how countries trade with each other. He looked at trade between the U.S. and other countries. He found something surprising, which is now called the Leontief paradox. The U.S. was known for having a lot of capital (like machines and factories). So, you might expect its exports to use a lot of capital. But Leontief found that U.S. exports actually used more labor (people's work) compared to its imports. This was the opposite of what most economists expected.
Using Real-World Data
Leontief strongly believed that economists should use real-world data in their studies. He thought that many economists relied too much on theories without checking them against actual facts. He encouraged economists to "get their hands dirty" by working with numbers and information from the real world. He helped make it easier for economists to use this kind of data.
Awards and Honors
Wassily Leontief received many awards and honors throughout his life for his important contributions to economics.
- 1970: Bernhard-Harms Prize Economics, West Germany
- 1973: Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel
- 1984: Order of the Rising Sun, Japan
- 1985: Commandeur, French Order of Arts and Letters
- 1988: Foreign member, USSR Academy of Sciences
Recognizing His Work
The Global Development and Environment Institute at Tufts University gives out the Leontief Prize in Economics every year. This award honors his memory and his important work. Leontief is also recognized in the Russian-American Chamber of Fame. This group celebrates Russian immigrants who have made great contributions to American science or culture.
Memberships
Leontief was a member of many important academic and scientific groups, showing how respected he was in his field.
- 1954: President of the Econometric Society
- 1970: President of the American Economic Association
- 1970: Corresponding Fellow of the British Academy
- 1977: Fellow of the American Association for the Advancement of Science
- American Philosophical Society
- American Academy of Arts and Sciences
See also
- List of economists
- List of Jewish Nobel laureates
