How did Leontief's work impact economic planning?
Provided basis to measure economic output
Improved banking regulations
Boosted economic growth
Reduced unemployment rates
Answer
The work of Leontief provided the basis to measure economic output and plan for economic development. His input-output model allowed economists to estimate the economic impact of a change in one sector of the economy on other sectors. This information was used to create economic plans that would maximize economic growth.
Mastermind of Economics: Unraveling the Legacy of Wassily Leontief
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