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Essay / Research Paper Abstract
This 5 page paper examines the Wassily Leontief Input Output Models, looks at the assumption and the way in this is calculated with example calculations throughout. The bibliography cites 4 sources.
Page Count:
5 pages (~225 words per page)
File: TS14_TEwassleo.rtf
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Unformatted sample text from the term paper:
take care of the complexities within the scenario. One model which has won the Nobel Prize is that of the of the Wassily Leontief input out put models. This is
continuing the consideration in the last of the of the choices given by the student, looking at linear models and their use in economics. The input out put models are
based on a two commodity two industry scenario. There are certain assumptions necessary for this to operate (Leontief, 1941). Each of the industries will only produce one commodity, as
there is no joint production facility; there are no durable capital products; the labour force is the only primary factor; the period used in the calculations is uniform, such as
a month or a year, there is only the ability of each industry to undertake one process; there are no internal or external economies of scale, as the returns are
constant in scale to production and that workers are only paid after production takes place (Dorfman et al, 1956, Leontief, 1941). If the two different commodities that are
produced are barley and tractors these can be referred to as commodities 1 and 2. In turn industry 1 is the barley producing industry and industry is the industry that
produces the tractors. Both of these industries have the same labour source from which to obtain their workers. On the first day of the time period the industries start
production, and the last day of the time period is the end of production for both industries. On this last day the production that the industry has created will
then be divided into two sections, that which needs to be retained for the following time period, this is then carried over and used for the following year. For example,
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