In economics, an input-output model is a quantitative economic technique that represents the interdependencies between different branches of the national economy or between branches of different, even competing economies. Wassily Leontief (1906-1999) developed this type of analysis and took the Nobel Prize in Economics for his development of this model. Earlier Francois Quesnay developed a cruder version of this technique called Tableau économique. And, in essence, Léon Walras's work Elements of Pure Economics on general equilibrium theory is both a forerunner and generalization of Leontief's seminal concept. Leontief's main contribution was that he was able to simplify Walras's piece so that it could be implemented empirically.
The International Input-Output Association is dedicated to advancing knowledge in the field of input-output study, which includes "improvements in basic data, theoretical insights and modelling, and applications, both traditional and novel, of input-output techniques."
Read more about Input-output Model: Understanding The Input-output Model, Usefulness, Basic Derivation, Measuring Input-output Tables, Input-output Analysis Versus Consistency Analysis
Famous quotes containing the word model:
“When you model yourself on people, you should try to resemble their good sides.”
—Molière [Jean Baptiste Poquelin] (1622–1673)