The State of Input-Output Analysis

Input-output analysis is receiving more attention today than any other branch of applied economics. The National Bureau of Economic Research, the Bureau of Labor Statistics, the Navy and the Air Force (the list is not exhaustive) have ail seized upon the potentialities of this new empirical tool and have liberally endowed research projects for its development. For this new technique, pioneered by Wassily Leontief, Harvard Economist, promises to aid in solving one of the theorist's gravest problems. Almost three centuries of theorizing has brought the dismal sci? ence a long way from the simple analysis of the great Adam Smith. This has had advantages and disadvantages. One of the latter is that our theory has so outstripped our fact-finding ability that we can no longer, as did the Glasgow Professor, verify our analytical models by an appeal to reality. Wassiry Leontief's new interindustry analysis hopes to narrow this wide chasm between theory and statistics by pro? viding us with an empirical tool capable of the formidable task involved in the union of the two

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