Wassily Leontief: Economics

“The general, and at the same time dynamic, type of analysis still remains an unwritten chapter of economic theory, the claims of innumerable “model-builders” notwithstanding… The … theoretical approach, based on the combination of the complexities of a general interdependent system with the simplifying assumptions of static analysis, constitutes the background of this investigation.”

Wassily Leontief

Source: Structure of American economy, 1919-1929, 1941, p. 33, as cited in: Drejer, Ina. " The Role of Technological Linkages in a Leontief Scheme-From Static Structures to Endogenous Evolution of Technical Coefficients http://www.druid.dk/uploads/tx_picturedb/dw1999-340.pdf." Preparado para: DRUID Winter Conference, Holte (enero 1999). 1998.

Time

“Among the many factors that have promoted economic change, I believe that technology or, rather, change in technology is the most prominent. I realize that it is dangerous to look for 'ultimate causes' in a world where everything seems to depend on everything else. But I believe that for the most part the economy, and ultimately the society, must adapt to the conditions that technology creates. If it cannot adjust to the challenges of changing technology, it fails.”

Wassily Leontief

Leontief, quoted in: Carter, A.P. (1996), "Technology, Employment and the Distribution of Income: Leontief af 90," Economic Systems Research, Vol. 8, no. 4, pp. 315.

World , Change , Parting , Dependency

“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 Tableau Economique 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.”

Wassily Leontief

Source: Structure of American economy, 1919-1929, 1941, p. 9.

Law , Idea , Study , Parting

“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.”

Wassily Leontief

Source: "Theoretical assumptions and nonobserved facts," 1971, p. 1.

Support

“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.”

Wassily Leontief

Source: "Theoretical assumptions and nonobserved facts," 1971, p. 1: Start of lead paragraph