Wassily Leontief

About Wassily Leontief

Who is it?: Nobel Prize Winner in Economics
Birth Day: August 05, 1906
Birth Place: Munich, Germany, Russian
Died On: February 5, 1999(1999-02-05) (aged 93)\nNew York City, United States
Birth Sign: Virgo
Citizenship: Russian Empire, Soviet Union, United States
Alma mater: University of Berlin, (PhD) University of Leningrad, (MA)
Known for: Input-output analysis
Awards: Nobel Memorial Prize in Economic Sciences (1973)
Fields: Economics
Institutions: University of Kiel New York University Harvard University
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 Khodadad Farmanfarmaian Dale W. Jorgenson Michael C. Lovell Karen R. Polenske
Influences: Léon Walras
Influenced: George B. Dantzig

Wassily Leontief Net Worth

Wassily Leontief was bornon August 05, 1906 in Munich, Germany, Russian, is Nobel Prize Winner in Economics. Wassily Wassilyovich Leontief was a Russian-American economist renowned for his input–output theory of capital for which he received the Nobel Memorial Prize in Economic Sciences in the year 1973. His works in general and the input–output theory in particular were instrumental in understanding how the output of a particular sector influenced another sector of the economy. His studies transcended the bridge that economists tended to keep with raw empirical data during his time. He also put in efforts to make data available for further studies in future. Another facet of his studies was the use of computers at a time when most studies relied on theoretical suppositions. Apart from a meticulous researcher, he was also a great teacher, training four future Nobel Laureates during his years at Harvard. Towards the end of his career, he moved to the New York University, where he continued with his research work until the age of eighty-five, teaching there even after his retirement well into his nineties. He was widely recognized for his works as was evident by his memberships in many eminent societies and institutions. He was a thinker; but believed that theories were no good unless they were backed by facts.
Wassily Leontief is a member of Intellectuals & Academics

💰 Net worth: Under Review

Some Wassily Leontief images

Famous Quotes:

Much of current academic teaching and research has been critizied 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 on them, ... by the palpable inadequacy of the scientific means with which they try to solve 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.... By the time it comes to interpretations of the substantive conclusions, the assumptions on which the model has been based are easily forgotten. But it is precisely the empirical validity of these assumptions on which the usefulness of the entire exercise depends. ... A natural Darwinian feedback operating through selection of academic personnel contributes greatly to the perpetuation of this state of affairs.

Biography/Timeline

1905

Wassily Leontief was born on August 5, 1905, in Munich, Germany, the son of Wassily W. Leontief (professor of Economics) and Zlata (German spelling Slata; later Evgenia) Leontief (née Becker). W. Leontief, Sr., belonged to a family of old-believer merchants living in St. Petersburg since 1741. Genya Becker belonged to a wealthy Jewish family from Odessa. At 15 in 1921, Wassily, Jr., entered University of Leningrad in present-day St. Petersburg. He earned his Learned Economist degree (equivalent to Master of Arts) in 1924 at the age of 19.

1925

Leontief sided with campaigners for academic autonomy, freedom of speech and in support of Pitirim Sorokin. As a consequence, he was detained several times by the Cheka. In 1925, he was allowed to leave the USSR, mostly because the Cheka believed that he was mortally ill with a sarcoma, a diagnosis that later proved false. He continued his studies at the University of Berlin and, in 1928 earned a Ph.D. degree in economics under the direction of Werner Sombart, writing his dissertation on The Economy as Circular Flow (original German title: Die Wirtschaft als Kreislauf).

1927

From 1927 to 1930, he worked at the Institute for the World Economy of the University of Kiel. There he researched the derivation of statistical demand and supply curves. In 1929, he traveled to China to assist its ministry of railroads as an advisor.

1931

In 1931, he went to the United States and was employed by the National Bureau of Economic Research.

1932

In 1932, Leontief married poet Estelle Marks. Their only child, Svetlana Leontief Alpers, was born in 1936. Leontief's wife Estelle wrote a memoir, Genia and Wassily, of their relations with his parents after they came to the US as emigres.

1948

Leontief set up the Harvard Economic Research Project in 1948 and remained its Director until 1973. Starting in 1965, he chaired the Harvard Society of Fellows.

1949

In 1949, Leontief used an early computer at Harvard and data from the U.S. Bureau of Labor Statistics to divide the U.S. economy into 500 sectors. Leontief modeled each sector with a linear equation based on the data and used the computer, the Harvard Mark II, to solve the system, one of the first significant uses of computers for mathematical modeling, along with George W. Snedecor's usage of the Atanasoff–Berry computer.

1970

As hobbies Leontief enjoyed fly fishing, ballet, and fine wines. He vacationed for years at his farm in West Burke, Vermont, but after moving to New York in the 1970s moved his summer residence to Lakeville, Connecticut.

1975

In 1975, Leontief joined New York University and founded and directed the Institute for Economic Analysis. He taught graduate and undergraduate classes.

1999

Leontief died in New York City on Friday, February 5, 1999 at the age of 93. His wife died in 2005.

2010

Leontief earned the Nobel Prize in economics for his work on input-output tables. Input-output tables analyze the process by which inputs from one industry produce outputs for consumption or for inputs for another industry. With the input-output table, one can estimate the change in demand for inputs resulting from a change in production of the final good. The analysis assumes that input proportions are fixed; thus the use of input-output analysis is limited to rough approximations rather than prediction. Input-output was novel and inspired large-scale empirical work; in 2010 its iterative method was recognized as an early intellectual precursor to Google's PageRank.