By Wassily Leontief
This number of writings offers the single accomplished creation to the input-output version for which Leontief was once presented the Nobel Prize in 1973. The structural method of economics built via Leontief, and often called input-output research, prepared the ground for the transformation of economics right into a really empirical self-discipline which could make the most of glossy info processing expertise. This completely revised moment variation comprises twenty essays--twelve of that are new to this edition--that replicate the previous advancements and the current country of the sphere. starting with an introductory bankruptcy, the e-book leads the reader into an realizing of the input-output approach--not merely as formal concept but in addition as a learn technique and strong software for facing a posh smooth economic climate.
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Additional resources for Input-Output Economics
II. Technical coefficients Let the national economy be subdivided into n + 1 sectors; n industries, that is, producing sectors and the n + 1th final demand sector, represented in input-output Tables 2-1 arid 2-2 by the households. For purposes of mathematical manipulation, the physical output of sector i is usually represented by xt while the symbol xij stands for the amount of the product of sector i absorbed—as its input—by sector j. The quantity of the product of sector i delivered to the final demand sector xin+1 is usually identified in short as y1.
Studies in the Structure of the American Economy. Reprinted by International Arts & Sciences Press (now M. E. , 1977. , Anne Carter, and Peter Petri. The Future of the World Economy. New York: Oxford University Press, 1977. , J. Koo, S. Nasar, and I. Sohn. S. and World Economy. : Lexington Books, D. C. , 1983. 3 An alternative to aggregation in input-output analysis and national accounts (1967) I The schematic uniformity of standard input-output computations accounts for certain practical advantages of that approach as well as for some of its peculiar limitations.
The first column ofA*11consists, for example, of n1 technical coefficients, a*11, a*21, • • • , a*n1, showing the number of units of each of these n1 industries of group I required per unit of the total output, x1, of the first. Although not referring to them explicitly, implicitly these coefficients reflect the input requirements also of the other n2 industries eliminated in the reduction process. Let, for example, industry 1 produce "steel" and industry 2 "electric energy," both assigned to group I.