Wassily Leontief

Wassily Leontief was a Russian-American economist best known for his contributions to input-output analysis, a method used to analyze the relationships between different sectors of an economy. His most significant work showed how industries depend on one another, highlighting how the output of one sector serves as an input for another. Leontief's analysis became crucial for understanding economic interconnectedness and efficiency. He received the Nobel Prize in Economic Sciences in 1973 for his innovative approach, which continues to influence modern economics, particularly in areas like trade and economic planning.